Seth Klarman’s Baupost Group has returned 1.39% year to date, according to our sources with direct knowledge of the matter. The fund had a better return for Q1, before experiencing a 1.2% decline in the second quarter. In terms of allocation, we have the first detailed insight into what assets the famous value hedge fund manager’s portfolio consists of: Cash is 28%, compared to 25% in Q1, as we reported earlier. Klarman is waiting for opportunites to deploy the cash, and notes that having patience is crucial. Distressed debt, which mostly consists of three companies liquidating is 23%. Equity exposure…