Core Viewpoint - Warren Buffett announced a donation of $6 billion worth of Berkshire Hathaway stock to the Bill and Melinda Gates Foundation and four family charitable organizations, marking the largest annual donation since he began his philanthropic efforts nearly two decades ago [1][4]. Group 1: Donation Details - The donation consists of approximately 12.36 million shares of Berkshire B-class stock, bringing Buffett's total donations to these charitable organizations to over $60 billion [2]. - The donation includes 9,433,839 shares to the Bill and Melinda Gates Foundation, 943,384 shares to the Susan Thompson Buffett Foundation, and 660,366 shares each to the Sherwood Foundation, Howard G. Buffett Foundation, and Novo Foundation [2]. Group 2: Financial Impact - Following the donation, Buffett's net worth, previously reported at $152 billion, is expected to drop, potentially affecting his ranking among the world's wealthiest individuals [3]. - As of the donation date, Buffett retains 13.8% of Berkshire Hathaway's shares, with the donation valued at $6 billion based on the closing price of $485.6 per B-share [3]. Group 3: Philanthropic Focus - The charitable foundations supported by Buffett have different focuses: the Susan Thompson Buffett Foundation emphasizes reproductive health, the Sherwood Foundation supports non-profits and early education in Nebraska, the Howard G. Buffett Foundation addresses global hunger and human trafficking, and the Novo Foundation aids marginalized girls, women, and indigenous communities [6].

Core Viewpoint - The low volatility dividend strategy is expected to continue its effectiveness due to the anticipated decline in risk-free interest rates and the overall downward trend in expected returns across society [2][3]. Market Performance - As of May 13, 2025, the CSI Low Volatility Dividend 100 Index (930955) increased by 0.56%, with notable gains from constituent stocks such as Pudong Construction (600284) up 9.19% and Weifu High Technology (000581) up 5.42% [2]. - The Low Volatility Dividend 100 ETF (159307) rose by 0.67%, marking its sixth consecutive increase, with a trading volume of 9.337 million yuan and a turnover rate of 1% [2]. Policy Environment - The recent financial policies, including reserve requirement ratio cuts and interest rate reductions announced on May 7, are expected to create a favorable environment for further declines in risk-free interest rates [2][3]. - The central bank's actions are seen as opening up space for lower risk-free rates, which is beneficial for dividend strategies [2]. Fund Performance - The Low Volatility Dividend 100 ETF has achieved a net value increase of 6.97% over the past year, ranking first among comparable funds [4]. - The ETF's maximum drawdown this year is 6.18%, which is the smallest among comparable funds [4]. - The fund's management fee is 0.15%, and the custody fee is 0.05%, making it the lowest in its category [4]. Fund Composition - The top ten weighted stocks in the CSI Low Volatility Dividend 100 Index account for 19.66% of the index, with companies like Jizhong Energy (000937) and Daqin Railway (601006) among the leaders [5][7]. - The ETF closely tracks the index, which selects 100 stocks based on liquidity, continuous dividends, high dividend yield, and low volatility [3].

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $40 million, reflecting a 3.2% decrease in pesos, translating to $36 per ton [9][20] - Net profit attributable to owners of the company totaled ARS 21.5 billion, down from ARS 79 billion in the first quarter of 2024, primarily due to lower financial results [23] - The net debt increased sequentially to ARS 187 billion, with a debt to EBITDA ratio of 0.96x, slightly up from 0.89x at the end of 2024 [24][25] Business Line Data and Key Metrics Changes - The Cement segment experienced a 10.9% revenue drop despite an 8.9% year-over-year increase in volumes, attributed to a softer pricing environment [14] - Concrete revenues declined by 1.4%, with a 22.8% increase in volumes offset by price pressures [14] - The Aggregates segment saw a 14.2% revenue decline despite a 29% increase in sales volumes, impacted by a weak market and pricing dynamics [15][22] Market Data and Key Metrics Changes - Cement consumption showed improvement, with April figures indicating a 28% year-over-year increase and a 14% sequential increase [12][8] - The Argentine economy is projected to grow approximately 5% in 2025, following a 1.7% contraction in 2024 [11][7] - The construction sector is expected to benefit from this economic growth, potentially fueling a more robust recovery [7] Company Strategy and Development Direction - The company remains focused on driving efficiency and controlling costs to protect profitability while delivering quality products and services [29] - The management expressed optimism about the recovery in the construction sector and the overall economy, anticipating a more sustained recovery in the coming quarters [27][28] - The company is also looking to capitalize on investment projects that have been on hold due to previous economic uncertainties [28] Management Comments on Operating Environment and Future Outlook - Management noted that the industry is still in the early stages of recovery, with expectations for a stronger performance as the year progresses [12][28] - The stabilization of economic conditions and easing of capital controls are seen as critical steps for long-term benefits [28] - The management is optimistic about the potential for growth in cement volumes, expecting double-digit growth in 2025 [42] Other Important Information - The company invested ARS 11.1 billion in capital expenditures during the quarter, mainly for ongoing projects [24] - SG&A expenses decreased by 7.8%, primarily due to lower marketing and IT expenditures [19] Q&A Session Summary Question: Competitive dynamics and market share - Management indicated that market share dynamics are in line with their strategy, and climate issues impacted different regions [32][34] Question: Pricing power and cement volume expectations - Management expects pricing to remain around $115 per ton and anticipates a year-over-year growth in cement volumes in the range of 15% to 20% [39][42] Question: Volume outlook and project backlogs - Management is optimistic about upcoming projects, particularly in the renewable energy and public works sectors, which are expected to drive demand [48]