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It has been shown that phase-locked cavities have a quantised transfer function (Jennison 1979) and that they account for the property of inertia (Jennison and Drinkwater 1977). The analysis in this paper shows that only half of the rest energy of a phase-locked cavity contributes actively to the inertial force. The moment of inertia of such a system about its own axis is only half that of a classical rigid body of the same total rest mass distributed in the same region of space. If a phase-locked cavity is used as a model of a fundamental particle then it is concluded that the particle is a fermion with a rest mass corresponding to its total rest energy.

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