The name, Portion of Jacob, speaks of the value of God. The word kheleq refers to land lots given as an inheritance or share. Those portions of land were probably the most important and valuable possession a Jew could have. They were a source of life and sustenance.
In the case of the Levites (and God-fearers), God was the one who provided for them and they had no need to own land. Several psalms and poetic passages refer to God as a portion. He is also called “My portion” and the “Portion of my inheritance” (Pss. 73:26; 119:57; 142:5; Lam 3:24).
Portion of Jacob in Hebrew:
Strong’s Concordance numbers: 2506, 3290
Bible references: Jer. 10:16; 51:19 (the words are the same in both verses)
The portion of Jacob is not like these;
For the Maker of all is He,
And Israel is the tribe of His inheritance;
The Lord of hosts is His name. (Jeremiah 10:16)