Biotech Values

[urche]

HQL and HQH

Been doing some digging on these closed end mutual funds. This quote from the FAQ about reasons for a fund selling at a premium or discount to NAV got me wondering:

The restricted holdings can also influence the premium/discount relationship, depending on whether the view held is that restricted securities which are priced conservatively by the Board of Trustees are highly risky or represent unrecognized value.

I look at the list of privately held companies and restricted securites and don't have the slightest idea how to evaluate those holdings without doing a lot of research on each, which would be thwarted by the fact that many are still private.

DEW, do you have a sense of the value of the non-liquid holdings of HQL and HQH compared to how they are valued for purposes of NAV?
I'm trying to get a sense of what discount to NAV one might try to hold out for to buy in.
As always, a crystal ball would be nice to know whether it's a good time to be buying a basket of biotech stocks at all.

urche