Cummins (CMI) posted record Q2 Power Systems sales of $2.3 billion, up 19%, by selling backup diesel generators directly to AI data centers. AutoZone (AZO) and Lennox (LII) anchor LOHA's physical-moat thesis, though Lennox's residential revenues fell 30% as high mortgage rates squeezed demand. Many financial professionals are salespeople paid on what they push, not whether you end up wealthier.
A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes.
See who you match with today. Roundhill's Roundhill Heavy Assets and Low Obsolescence ETF (NYSEARCA:LOHA) launched in May 2026 as a counterweight to the software and AI concentration dominating most passive equity portfolios. The idea belongs to Josh Brown of Ritholtz Wealth Management, who coined the acronym HALO for heavy assets and low obsolescence to describe companies whose value sits in physical infrastructure, entrenched distribution, and long-lived capital rather than in code that a competitor can rewrite.
LOHA translates that idea into an index of 100 US companies, equally weighted and rebalanced quarterly, with a 0.35% expense ratio and a unitary fee structure under which Roundhill absorbs most operating expenses. The top holdings make the pitch clear. Cummins (NYSE:CMI) builds diesel and natural gas engines, AutoZone (NYSE:AZO) runs the largest aftermarket auto parts network in the country, TFI International (NYSE:TFII) hauls freight, Lennox International makes furnaces and rooftop HVAC units, and Newmont digs gold out of the ground.
If AI-heavy indices own the software layer, LOHA owns what sits under, around, and behind it. Most Americans suspect they're behind on retirement and never find out. Advisor.com's free matching tool pairs you in about three minutes with a vetted fiduciary advisor who can help you with investing, taxes, retirement, estate planning, and more.
Find out where you stand. The argument runs like this: a company whose competitive position depends on physical scale (mines, factories, distribution centers, truck fleets, refrigerated warehouses, a national franchise footprint) cannot be disintermediated by a well-funded startup with GPUs. Replicating AutoZone's roughly 20% operating margin requires actually building thousands of stores stocked with the right SKUs within a short drive of a mechanic who needs a part today.
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