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The value of R square would not decrease when more variables are added to the model. As a result, there is always a temptation to add more variables in the model, because of which problem can arise therefore in that case Adjusted R2 is used as a measure.
It can be thought of as a percentage from 1 to 100. R-squared is not a measure of the performance of a portfolio. A great portfolio can have a very low R-squared. It is simply a measure of the correlation of the portfolio's returns to the benchmark's returns. If you want a portfolio that moves like the benchmark, you'd want a portfolio with a high R-squared. If you want a portfolio that doesn't move at all like the benchmark, you'd want a low R-squared.