How to pass multiple values to single parameter in stored procedure

This can not be done easily. There's no way to make an NVARCHAR parameter take "more than one value". What I've done before is - as you do already - make the parameter value like a list with comma-separated values. Then, split this string up into its parts in the stored procedure.

Splitting up can be done using string functions. Add every part to a temporary table. Pseudo-code for this could be:

CREATE TABLE #TempTable (ID INT)
WHILE LEN(@PortfolioID) > 0
BEGIN
    IF NOT <@PortfolioID contains Comma>
    BEGIN
        INSERT INTO #TempTable VALUES CAST(@PortfolioID as INT)
        SET @PortfolioID = ''
    END ELSE
    BEGIN
         INSERT INTO #Temptable VALUES CAST(<Part until next comma> AS INT)
         SET @PortfolioID = <Everything after the next comma>
    END
END

Then, change your condition to

WHERE PortfolioId IN (SELECT ID FROM #TempTable)

EDIT
You may be interested in the documentation for multi value parameters in SSRS, which states:

You can define a multivalue parameter for any report parameter that you create. However, if you want to pass multiple parameter values back to a data source by using the query, the following requirements must be satisfied:

The data source must be SQL Server, Oracle, Analysis Services, SAP BI NetWeaver, or Hyperion Essbase.

The data source cannot be a stored procedure. Reporting Services does not support passing a multivalue parameter array to a stored procedure.

The query must use an IN clause to specify the parameter.

This I found here.

I spent time finding a proper way. This may be useful for others.

Create a UDF and refer in the query -

http://www.geekzilla.co.uk/view5C09B52C-4600-4B66-9DD7-DCE840D64CBD.htm