Mutual Fund is a pool of money from several investors and is invested in the securities that are stocks or bonds or money market instruments or combination of these. A group of these securities is called portfolio. This portfolio is managed by professionals so that return can be maximized.
Go-Go Fund is the type of mutual fund in which pool of money is invested in high-risk securities such as aggressive growth stocks. This kind of portfolio ensures a potential return but at the same time increases the risk potentially too. High growth stocks have tendency to rise substantially. But reverse is also true. They can plummet significantly because of economic downturn or any other reason.
Go-Go Fund was in demand till 1960s but then it lost its value due to downturns in speculative holding.