<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:bc1f09cf-8f2d-45ff-ac45-d589eb3ad1ba,g:832964c1-0e26-4fac-b7fc-16a70666b39d-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_ck0001511699_SectorEmphasisRiskConsumerDiscretionarySectorRiskMember_label_en-US" xlink:label="lab_ck0001511699_SectorEmphasisRiskConsumerDiscretionarySectorRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sector Emphasis Risk, Consumer Discretionary Sector Risk Member</link:label>
    <link:label id="lab_ck0001511699_SectorEmphasisRiskConsumerDiscretionarySectorRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_SectorEmphasisRiskConsumerDiscretionarySectorRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sector Emphasis Risk, Consumer Discretionary Sector Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_SectorEmphasisRiskConsumerDiscretionarySectorRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_SectorEmphasisRiskConsumerDiscretionarySectorRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_SectorEmphasisRiskConsumerDiscretionarySectorRiskMember" xlink:to="lab_ck0001511699_SectorEmphasisRiskConsumerDiscretionarySectorRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_C000249083Member_label_en-US" xlink:label="lab_ck0001511699_C000249083Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tremblant Opportunistic Global ETF Class</link:label>
    <link:label id="lab_ck0001511699_C000249083Member_documentation_en-US" xlink:label="lab_ck0001511699_C000249083Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tremblant Opportunistic Global ETF Class, C000249083</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_C000249083Member" xlink:href="ck0001511699-20260505.xsd#ck0001511699_C000249083Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_C000249083Member" xlink:to="lab_ck0001511699_C000249083Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksCashRedemptionRiskMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks, Cash Redemption Risk Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksCashRedemptionRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks, Cash Redemption Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_ETFRisksCashRedemptionRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:to="lab_ck0001511699_ETFRisksCashRedemptionRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_CurrencyAndForeignExchangeRiskMember_label_en-US" xlink:label="lab_ck0001511699_CurrencyAndForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency And Foreign Exchange Risk Member</link:label>
    <link:label id="lab_ck0001511699_CurrencyAndForeignExchangeRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_CurrencyAndForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Currency And Foreign Exchange Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_CurrencyAndForeignExchangeRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_CurrencyAndForeignExchangeRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_CurrencyAndForeignExchangeRiskMember" xlink:to="lab_ck0001511699_CurrencyAndForeignExchangeRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_EmergingMarketsRiskMember_label_en-US" xlink:label="lab_ck0001511699_EmergingMarketsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Emerging Markets Risk Member</link:label>
    <link:label id="lab_ck0001511699_EmergingMarketsRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_EmergingMarketsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Emerging Markets Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_EmergingMarketsRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_EmergingMarketsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_EmergingMarketsRiskMember" xlink:to="lab_ck0001511699_EmergingMarketsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_S000084649Member_label_en-US" xlink:label="lab_ck0001511699_S000084649Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tremblant Opportunistic Global ETF</link:label>
    <link:label id="lab_ck0001511699_S000084649Member_documentation_en-US" xlink:label="lab_ck0001511699_S000084649Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tremblant Opportunistic Global ETF, S000084649</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_S000084649Member" xlink:href="ck0001511699-20260505.xsd#ck0001511699_S000084649Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_S000084649Member" xlink:to="lab_ck0001511699_S000084649Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks, Shares May Trade At Prices Other Than NAV Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks, Shares May Trade At Prices Other Than NAV Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVMember" xlink:to="lab_ck0001511699_ETFRisksSharesMayTradeAtPricesOtherThanNAVMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_DepositaryReceiptsRiskMember_label_en-US" xlink:label="lab_ck0001511699_DepositaryReceiptsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depositary Receipts Risk Member</link:label>
    <link:label id="lab_ck0001511699_DepositaryReceiptsRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_DepositaryReceiptsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Depositary Receipts Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_DepositaryReceiptsRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_DepositaryReceiptsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_DepositaryReceiptsRiskMember" xlink:to="lab_ck0001511699_DepositaryReceiptsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_SectorEmphasisRiskCommunicationServicesSectorRiskMember_label_en-US" xlink:label="lab_ck0001511699_SectorEmphasisRiskCommunicationServicesSectorRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sector Emphasis Risk, Communication Services Sector Risk Member</link:label>
    <link:label id="lab_ck0001511699_SectorEmphasisRiskCommunicationServicesSectorRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_SectorEmphasisRiskCommunicationServicesSectorRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sector Emphasis Risk, Communication Services Sector Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_SectorEmphasisRiskCommunicationServicesSectorRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_SectorEmphasisRiskCommunicationServicesSectorRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_SectorEmphasisRiskCommunicationServicesSectorRiskMember" xlink:to="lab_ck0001511699_SectorEmphasisRiskCommunicationServicesSectorRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_ETFRisksMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksMember" xlink:to="lab_ck0001511699_ETFRisksMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_BorrowingRiskMember_label_en-US" xlink:label="lab_ck0001511699_BorrowingRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowing Risk Member</link:label>
    <link:label id="lab_ck0001511699_BorrowingRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_BorrowingRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowing Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_BorrowingRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_BorrowingRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_BorrowingRiskMember" xlink:to="lab_ck0001511699_BorrowingRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ForeignSecuritiesRiskMember_label_en-US" xlink:label="lab_ck0001511699_ForeignSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Foreign Securities Risk Member</link:label>
    <link:label id="lab_ck0001511699_ForeignSecuritiesRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ForeignSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Foreign Securities Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ForeignSecuritiesRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_ForeignSecuritiesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ForeignSecuritiesRiskMember" xlink:to="lab_ck0001511699_ForeignSecuritiesRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_REITRiskMember_label_en-US" xlink:label="lab_ck0001511699_REITRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">REIT Risk Member</link:label>
    <link:label id="lab_ck0001511699_REITRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_REITRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">REIT Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_REITRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_REITRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_REITRiskMember" xlink:to="lab_ck0001511699_REITRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_MidCapAndSmallCapCompaniesRiskMember_label_en-US" xlink:label="lab_ck0001511699_MidCapAndSmallCapCompaniesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mid-Cap And Small-Cap Companies Risk Member</link:label>
    <link:label id="lab_ck0001511699_MidCapAndSmallCapCompaniesRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_MidCapAndSmallCapCompaniesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mid-Cap And Small-Cap Companies Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_MidCapAndSmallCapCompaniesRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_MidCapAndSmallCapCompaniesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_MidCapAndSmallCapCompaniesRiskMember" xlink:to="lab_ck0001511699_MidCapAndSmallCapCompaniesRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_SectorEmphasisRiskMember_label_en-US" xlink:label="lab_ck0001511699_SectorEmphasisRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sector Emphasis Risk Member</link:label>
    <link:label id="lab_ck0001511699_SectorEmphasisRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_SectorEmphasisRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sector Emphasis Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_SectorEmphasisRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_SectorEmphasisRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_SectorEmphasisRiskMember" xlink:to="lab_ck0001511699_SectorEmphasisRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_MorningstarGlobalMidCapTargetMarketExposureIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember_label_en-US" xlink:label="lab_ck0001511699_MorningstarGlobalMidCapTargetMarketExposureIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Morningstar Global Mid Cap Target Market Exposure Index (reflects no deductions for fees expenses and taxes)</link:label>
    <link:label id="lab_ck0001511699_MorningstarGlobalMidCapTargetMarketExposureIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember_documentation_en-US" xlink:label="lab_ck0001511699_MorningstarGlobalMidCapTargetMarketExposureIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Morningstar Global Mid Cap Target Market Exposure Index (reflects no deductions for fees expenses and taxes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_MorningstarGlobalMidCapTargetMarketExposureIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_MorningstarGlobalMidCapTargetMarketExposureIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_MorningstarGlobalMidCapTargetMarketExposureIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:to="lab_ck0001511699_MorningstarGlobalMidCapTargetMarketExposureIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksTradingMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksTradingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks, Trading Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksTradingMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksTradingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks, Trading Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksTradingMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_ETFRisksTradingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksTradingMember" xlink:to="lab_ck0001511699_ETFRisksTradingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_GeneralMarketRiskMember_label_en-US" xlink:label="lab_ck0001511699_GeneralMarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">General Market Risk Member</link:label>
    <link:label id="lab_ck0001511699_GeneralMarketRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_GeneralMarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">General Market Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_GeneralMarketRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_GeneralMarketRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_GeneralMarketRiskMember" xlink:to="lab_ck0001511699_GeneralMarketRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_EquitySecuritiesRiskMember_label_en-US" xlink:label="lab_ck0001511699_EquitySecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Securities Risk Member</link:label>
    <link:label id="lab_ck0001511699_EquitySecuritiesRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_EquitySecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity Securities Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_EquitySecuritiesRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_EquitySecuritiesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_EquitySecuritiesRiskMember" xlink:to="lab_ck0001511699_EquitySecuritiesRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_MorningstarDevelopedMarketsIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember_label_en-US" xlink:label="lab_ck0001511699_MorningstarDevelopedMarketsIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Morningstar Developed Markets Index (reflects no deductions for fees expenses and taxes)</link:label>
    <link:label id="lab_ck0001511699_MorningstarDevelopedMarketsIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember_documentation_en-US" xlink:label="lab_ck0001511699_MorningstarDevelopedMarketsIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Morningstar Developed Markets Index (reflects no deductions for fees expenses and taxes)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_MorningstarDevelopedMarketsIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_MorningstarDevelopedMarketsIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_MorningstarDevelopedMarketsIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:to="lab_ck0001511699_MorningstarDevelopedMarketsIndexReflectsNoDeductionsForFeesExpensesAndTaxesIndexMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksCostsOfBuyingOrSellingSharesMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksCostsOfBuyingOrSellingSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF risks, Costs Of Buying Or Selling Shares Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksCostsOfBuyingOrSellingSharesMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksCostsOfBuyingOrSellingSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF risks, Costs Of Buying Or Selling Shares Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksCostsOfBuyingOrSellingSharesMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_ETFRisksCostsOfBuyingOrSellingSharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksCostsOfBuyingOrSellingSharesMember" xlink:to="lab_ck0001511699_ETFRisksCostsOfBuyingOrSellingSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_FundamentalAnalysisRiskMember_label_en-US" xlink:label="lab_ck0001511699_FundamentalAnalysisRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fundamental Analysis Risk Member</link:label>
    <link:label id="lab_ck0001511699_FundamentalAnalysisRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_FundamentalAnalysisRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fundamental Analysis Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_FundamentalAnalysisRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_FundamentalAnalysisRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_FundamentalAnalysisRiskMember" xlink:to="lab_ck0001511699_FundamentalAnalysisRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_LargeCapCompaniesRiskMember_label_en-US" xlink:label="lab_ck0001511699_LargeCapCompaniesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Large-Cap Companies Risk Member</link:label>
    <link:label id="lab_ck0001511699_LargeCapCompaniesRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_LargeCapCompaniesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Large-Cap Companies Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_LargeCapCompaniesRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_LargeCapCompaniesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_LargeCapCompaniesRiskMember" xlink:to="lab_ck0001511699_LargeCapCompaniesRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ManagementRiskMember_label_en-US" xlink:label="lab_ck0001511699_ManagementRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Risk Member</link:label>
    <link:label id="lab_ck0001511699_ManagementRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ManagementRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Management Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ManagementRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_ManagementRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ManagementRiskMember" xlink:to="lab_ck0001511699_ManagementRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_MSCIWorldIndexreflectsnodeductionsforfeesexpensesandtaxesIndexMember_label_en-US" xlink:label="lab_ck0001511699_MSCIWorldIndexreflectsnodeductionsforfeesexpensesandtaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">MSCI World Index (reflects no deductions for fees expenses and taxes)</link:label>
    <link:label id="lab_ck0001511699_MSCIWorldIndexreflectsnodeductionsforfeesexpensesandtaxesIndexMember_documentation_en-US" xlink:label="lab_ck0001511699_MSCIWorldIndexreflectsnodeductionsforfeesexpensesandtaxesIndexMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">MSCI World Index (reflects no deductions for fees expenses and taxes)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_MSCIWorldIndexreflectsnodeductionsforfeesexpensesandtaxesIndexMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_MSCIWorldIndexreflectsnodeductionsforfeesexpensesandtaxesIndexMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_MSCIWorldIndexreflectsnodeductionsforfeesexpensesandtaxesIndexMember" xlink:to="lab_ck0001511699_MSCIWorldIndexreflectsnodeductionsforfeesexpensesandtaxesIndexMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_label_en-US" xlink:label="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ETF Risks, Authorized Participants, Market Makers, And Liquidity Providers Concentration Risk Member</link:label>
    <link:label id="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ETF Risks, Authorized Participants, Market Makers, And Liquidity Providers Concentration Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:to="lab_ck0001511699_ETFRisksAuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001511699_CybersecurityRiskMember_label_en-US" xlink:label="lab_ck0001511699_CybersecurityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cybersecurity Risk Member</link:label>
    <link:label id="lab_ck0001511699_CybersecurityRiskMember_documentation_en-US" xlink:label="lab_ck0001511699_CybersecurityRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cybersecurity Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001511699_CybersecurityRiskMember" xlink:href="ck0001511699-20260505.xsd#ck0001511699_CybersecurityRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001511699_CybersecurityRiskMember" xlink:to="lab_ck0001511699_CybersecurityRiskMember" xlink:type="arc" order="1"/>
  </link:labelLink>
</link:linkbase>
