"The Loop" running "else" statement even though posts exist

I am trying to create a loop for a custom post type called “portfolio”. I have published portfolio posts but for some reason my loop is running the “else” statement and echoing “WHERE MY POSTS?”. Can anyone tell me why?

<?php
		$args = array(
			'post_type' => 'portfolio',
			'tax_query' => array(
				array(
					'taxonomy' => 'portfolio_category',
					'field' => 'slug',
					'terms' => 'boardgames'
				)
			)
		);
		$portfolio = new WP_Query( $args );
		if( $portfolio->have_posts() ) {
			while( $portfolio->have_posts() ) {
				$portfolio->the_post();
				?>
					<h1><?php the_title(); ?></h1>
					<div class='content'>
						<?php the_content(); ?>
					</div>

					<div class="four columns">
				<a href="<?php the_permalink ?>">
					<div class="img-wrp">
				        <img class="scaleimg" src="<?php the_post_thumbnail ?>" />
				        <div class="overlay-wrp">
		    		        <i class="icon loupe overlay-content"></i>
		    		        <div class="overlay"></div>
				        </div>
					</div>
			    </a>
				<p class="project-title"><?php the_title(); ?></p>
				<p class="project-description"><?php the_excerpt(); ?></p>
			</div><?php
			}
		}
		else {
			echo 'WHERE MY POSTS?';
		}

		?>