Portfolio post type adds URL prefix for all portfolio items (mysite.com/portfolio/your-project-name) and this can be removed or renamed in Theme Options:

Before:

After:

Remove Portfolio prefix

To remove portfolio items post type prefix follow these steps:

1. Theme Options > Portfolio Settings > Portfolio Page
2. On URL Rewrite Options section disable Portfolio items URL prefix
3. Click Save All Changes

Rename Portfolio prefix

If you want to rename the default portfolio URL prefix name to another (e.g: projects). You just need to go to:

1. Theme Options > Portfolio Settings > Portfolio Page
2. On URL Rewrite Options section go to Custom portfolio item URL prefix area and write projects
3. Click Save All Changes

Now your portfolio can be found on (mysite.com/projects).

Flushing rewrite rules is not required for removing the portfolio name , however permalinks structure should be set to Post name option. Otherwise they will show 404 page error!