We show that the thermal and electrical properties of single wall carbon nanotube (CNT)-polymer composites are significantly enhanced by magnetic alignment during processing. The electrical transport properties of the composites are mainly governed by the hopping conduction with localization lengths comparable to bundle diameters. The bundling of nanotubes during the composite processing is an important factor for electrical, and in particular, for thermal transport properties. Better CNT isolation will be needed to reach the theoretical thermal conductivity limit for CNT composites.