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Portfolio bid strategy

A portfolio bid strategy is a Google Ads bid strategy shared by several campaigns, so Google bids towards one goal for the group as a whole.

How it works

An ordinary bid strategy lives inside one campaign. You create a portfolio once and attach it to several campaigns, ad groups or keywords. Google then bids towards its single goal, such as a target ROAS, for all of them together.

According to the Google Ads API, a portfolio can be Maximize conversions, Maximize conversion value, Target ROAS, Target CPA, Maximize clicks or Target impression share. Google Ads scripts still call it a “flexible bid strategy”. Only a portfolio lets Target ROAS and Maximize conversion value carry a maximum CPC bid limit and a minimum one.

Performance Max cannot use a portfolio. In GetProfit data for June 2025 – June 2026, it runs in 141 of 146 stores and takes a median 95.7% of their budget. For most stores, then, a portfolio matters only outside it, mainly in Search and Standard Shopping. Whether yours needs one is covered in portfolio strategies and bid limits.

Example

Example store, not client data.

The tableware shop puts three Standard Shopping campaigns on one portfolio with a target ROAS of 450%. In a month, the plates campaign spends 6,000 and brings 33,000 of conversion value, cups 3,000 and 10,500, cookware 1,000 and 1,500. Together that is 45,000 ÷ 10,000 = 4.5, on target, while cups return 3.5 and cookware 1.5.

Not to be confused with

  • Shared budget — one pool of money for several campaigns. A portfolio shares the goal, a shared budget shares the money, and each works without the other.
  • Smart Bidding — the strategies where Google sets the bid in each auction. A portfolio gives one of them to several campaigns.

Right and wrong readings

  • Wrong: “The portfolio hits 450%, so every campaign in it returns 450%.” Right: the goal holds for the group; in the example, cookware returns 1.5.
  • Wrong: “Put Performance Max and Shopping into one portfolio to balance them.” Right: Performance Max cannot use a portfolio.

Sources

  • Bidding strategy types (Google Ads API) — which strategies can be portfolios. Checked 2 October 2026.
  • AdsApp.BiddingStrategy (Google Ads scripts) — “flexible” strategy; campaigns, ad groups and keywords that use it. Checked 2 October 2026.
  • Portfolio and standard bidding strategies (Google Ads API) — shared among campaigns, no portfolio for Performance Max. Checked 2 October 2026.
  • TargetRoas, MaximizeConversionValue (Google Ads API) — CPC bid limits for portfolios only. Checked 2 October 2026.
  • GetProfit data: 146 online stores, June 2025 – June 2026 — Performance Max share of stores and of budget.