So I set out to find some verses on the subject, and let me just say that if you just use the keyword 'portion,' you will turn up with hundreds of verses about portions of food, blessings, and so on.
But then, I ran across a few verses that made sense. First, let me define the word, 'portion.'
Here is what Merriam-Webster says about Portion,
"an often limited part of a whole"
"an individual's part or share of something: as a share received by gift or inheritance"
Here are a few places that the Bible talks about portion in reference to Him being our portion
In Psalm 16:5, the writer says, "Lord, you alone are my portion and my cup; you make my lot secure."
Psalm 73:26, "My flesh and my heart may fail, but God is the strength of my heart and my portion forever."
Psalm 119:57, "You are my portion, Lord; I have promised to obey your words."
Psalm 142:5, "I cry to you, Lord; I say, 'You are my refuge, my portion in the land of the living."
Jeremiah 51:19 states, "He who is the portion of Jacob is not like these, for He is the Maker of all things, including the people of His inheritance - The Lord Almighty is His name."
Strong's Concordance states that this word refers to a "masculine noun." It could mean portion, share, part, or territory.
So, "He who is the portion, share, part, or territory of Jacob is not like these, for He is the Maker of all things, including the people of His inheritance - The Lord Almighty is His name."
All of these talk about The Lord being Our portion. What about being His portion?
I think that the song should read:
"He is our portion and we are His prize"
He is our share, territory, and inheritance, but we are the prize after he went to the cross. I still think that He is our prize, though.
What do you think? Please let me know in the comments!