If they want out of their long call option position while it still has time premium then they are better off just selling their option instead of exercising it. (borntosell.com)
In the Strategic Growth Fund, that puts us in the position of being fully hedged, but with a small speculative call option position that I would expect to increase toward 2 % of assets if the market pulls back somewhat further without a significant deterioration in market internals. (hussmanfunds.com)
On sufficient improvement in market internals, we would be inclined to establish call option positions that would gradually take us to a significantly less hedged position on persistent market strength, but we do not expect to eliminate our put option defenses until the combination of valuations and market action becomes clearly favorable, or until it is reasonable to expect a sustained economic recovery within a quarter or two. (hussmanfunds.com)