That is a very interesting question @HAWK
I recently went through a job hunting process (and am starting a new role on Feb 8!!! :)) and not once was I asked to show a portfolio.
It was mostly about sitting down and having conversations with potential employers and some even ran design activities and challenges to get a feel for how I think- I thought that was really cool! It was about getting to know each and having the opportunity to ask questions (both ways).
I spoke with three different organisations and whole bunch of recruiters and the topic of portfolios never came up. My CV was needed and my LinkedIn profile played a huge role but other than that it was all about the talking.
It might just be me, it might be related to my location or it might have something to do with the volume of articles I've had published- maybe that's my portfolio. Maybe that's what communicates my thought processes and value.
I'm interested to hear other people's thoughts on this one.