From Garrett's site:



A Ported Shroud compressor (see Fig. 2) is a feature that is incorporated into the compressor housing. It functions to move the surge line further to the left (see Fig. 3) by allowing some airflow to exit the wheel through the port to keep surge from occurring. This provides additional useable range and allows a larger compressor to be used for higher flow requirements without risking running the compressor into a dangerous surge condition. The presence of the ported shroud usually has a minor negative impact on compressor efficiency.