Most mutual funds (and long only hedge funds too for that matter, which constitutes the majority of equity-based hedge funds) don't even recognize "risk per trade" as a legitimate theoretical concept.
The typical long-only manager's conception of risk management is "picking good stocks," maybe selling calls on occasion, and that's about it.
And a lot of the long/short funds are out and out ballers too, with no real concept of true risk management.
Look at Paulson or JAT capital for example - big up years, big down years to follow. Those guys are willing to endure 20 to 50 percent drawdowns in the name of conviction.
