MORGAN DEMPSEY CAPITAL MANAGEMENT LLC

Long Only Manager • Value

MORGAN DEMPSEY CAPITAL MANAGEMENT LLC is a Value-focused institution based in Menomonee Falls, WI led by David Wayne Durham, reporting $286.6M in AUM as of Q3 2025 with C as the largest holding (4% allocation).

CCODavid Wayne Durham

Portfolio Value: $224.8M
Positions: 130
Top Holding: C at 4.13%
Last Reported: Q3 2025

Address111 Heritage Reserve, Suite 200, Menomonee Falls, WI, 53051, United States

Top Holdings

Largest long holdings in MORGAN DEMPSEY CAPITAL MANAGEMENT LLC's portfolio (34.3% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Citigroup C	Banks - Diversified Financial Services	$9.3M	4.13%	-$2.9M Sold	0.00% 91.6K shares	Q4 2021 Held for 3y 11m
2 AT&T T	Telecommunications Services Communication Services	$9.2M	4.08%	-$1.2M Sold	0.00% 324.5K shares	≤ Q2 2013 Held for 12y 5m+
3 WEC Energy Group WEC	Regulated Electric Utilities	$8.2M	3.63%	-$1.1M Sold	0.02% 71.2K shares	Q1 2024 Held for 1y 8m
4 Cisco Systems, Inc. CSCO	Communication Equipment Technology	$7.8M	3.48%	-$1.0M Sold	0.00% 114.3K shares	Q3 2015 Held for 10y 2m
5 Entergy ETR	Regulated Electric Utilities	$7.7M	3.44%	-$985.1K Sold	0.02% 82.9K shares	Q2 2024 Held for 1y 5m
6 Exxon Mobil XOM	Oil & Gas Integrated Energy	$7.7M	3.42%	-$1.0M Sold	0.00% 68.2K shares	Q3 2018 Held for 7y 2m
7 General Dynamics GD	Aerospace & Defense Industrials	$6.9M	3.08%	-$896.2K Sold	0.01% 20.3K shares	Q4 2020 Held for 4y 11m
8 Wells Fargo & Company WFC	Banks - Diversified Financial Services	$6.9M	3.06%	-$860.3K Sold	0.00% 82.0K shares	Q1 2025 Held for 8 months
9 International Business Machines IBM	Information Technology Services Technology	$6.8M	3.02%	-$895.6K Sold	0.00% 24.1K shares	Q2 2020 Held for 5y 5m
10 Lockheed Martin LMT	Aerospace & Defense Industrials	$6.7M	2.96%	-$850.7K Sold	0.01% 13.3K shares	≤ Q2 2013 Held for 12y 5m+

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in MORGAN DEMPSEY CAPITAL MANAGEMENT LLC's latest filing

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GthenC

Market Value

$224.8M

Prior: $239.2M

Q/Q Change

-6.04%

-$14.4M

Net Flows % of MV

-10.86%

Turnover Ratio

9.48%

New Purchases

6 stocks

$8.5M

Added To

17 stocks

+$2.7M

Sold Out Of

4 stocks

$344.5K

Reduced Holdings

55 stocks

-$35.3M

Increased Positions

Position	Shares Δ	Change
1 CME Group CME	New	0 → 16.7K +$4.5M
2 Union Pacific UNP	New	0 → 15.1K +$3.6M
3 Frequency Electronics FEIM	New	0 → 6.6K +$222.0K
4 Optex Systems Holdings OPXS	New	0 → 16.0K +$206.6K
5 Pinterest, Inc. PINS	New	0 → 100.0 +$3.2K

Decreased Positions

Position	Shares Δ	Change
1 Sapiens International Corporation N.V. SPNS	Sold	6.6K → 0 −$193.9K
2 Monarch Casino & Resort MCRI	Sold	1.7K → 0 −$143.5K
3 Thermo Fisher Scientific TMO	Sold	10.0 → 0 −$4.1K
4 West Pharmaceutical Services WST	Sold	14.0 → 0 −$3.1K
5 The Kraft Heinz Company KHC	-99.53%	166.5K → 779.0 −$4.3M