diff --git a/app/assets/images/budget_investment_no_image.jpg b/app/assets/images/budget_investment_no_image.jpg
new file mode 100644
index 000000000..7de0e0a2c
Binary files /dev/null and b/app/assets/images/budget_investment_no_image.jpg differ
diff --git a/app/assets/stylesheets/budgets/investments-list.scss b/app/assets/stylesheets/budgets/investments-list.scss
new file mode 100644
index 000000000..a5d8b8973
--- /dev/null
+++ b/app/assets/stylesheets/budgets/investments-list.scss
@@ -0,0 +1,78 @@
+.investments-list {
+  @include flex-grid-row;
+  margin-top: $line-height;
+
+  > header {
+    @include grid-column-gutter;
+    width: 100%;
+  }
+
+  .investments-list-item {
+    @extend %panel;
+    @include xy-gutters;
+    border-radius: rem-calc(6);
+    display: flex;
+    flex-direction: column;
+    padding: 0;
+    margin-bottom: $line-height / 2;
+    position: relative;
+    width: 100%;
+
+    @include breakpoint(medium) {
+      $gap: rem-calc(map-get($grid-margin-gutters, medium));
+      width: calc(33.33% - #{$gap});
+    }
+
+    img {
+      border-top-left-radius: rem-calc(6);
+      border-top-right-radius: rem-calc(6);
+      height: $line-height * 10;
+      width: fit-content;
+      object-fit: cover;
+
+      @include breakpoint(medium only) {
+        height: $line-height * 10;
+      }
+    }
+
+    .budget-investment-content {
+      display: flex;
+      flex: 1;
+      flex-direction: column;
+      padding: 0 rem-calc(12) rem-calc(6);
+      min-height: $line-height * 8;
+
+      .investment-project-info {
+        flex: 1;
+        margin-bottom: $line-height * 2;
+      }
+    }
+
+    .read-more {
+      align-self: flex-end;
+    }
+  }
+
+  .supports-and-price {
+    @include has-fa-icon(award, solid, after);
+    background: $light;
+    display: flex;
+    flex-wrap: wrap;
+    padding: rem-calc(6) rem-calc(12);
+
+    .price-title,
+    .supports-title {
+      color: #7b7b7b;
+      font-size: $small-font-size;
+      text-transform: uppercase;
+      width: 100%;
+    }
+
+    &::after {
+      font-size: 2em;
+      margin-left: auto;
+      margin-right: 0;
+      transform: translateY(-25%);
+    }
+  }
+}
diff --git a/app/components/budgets/budget_component.html.erb b/app/components/budgets/budget_component.html.erb
index b7a77989f..f87ff306c 100644
--- a/app/components/budgets/budget_component.html.erb
+++ b/app/components/budgets/budget_component.html.erb
@@ -37,3 +37,5 @@
     </div>
   </div>
 </div>
+
+<%= render Budgets::InvestmentsListComponent.new(budget) %>
diff --git a/app/components/budgets/investment_component.html.erb b/app/components/budgets/investment_component.html.erb
new file mode 100644
index 000000000..5b0785aa1
--- /dev/null
+++ b/app/components/budgets/investment_component.html.erb
@@ -0,0 +1,33 @@
+<div id="<%= dom_id(investment) %>" class="investments-list-item">
+  <% if investment.image.present? %>
+    <%= image_tag investment.image_url(:large), alt: investment.image.title.unicode_normalize %>
+  <% else %>
+    <%= image_tag "budget_investment_no_image.jpg", alt: investment.title %>
+  <% end %>
+
+  <% if investment.should_show_vote_count? || investment.should_show_price? %>
+    <div class="supports-and-price">
+      <% if investment.should_show_vote_count? %>
+        <span class="supports-title"><%= t("budgets.investments.investment.support_title") %></span>
+        <strong><%= investment.total_votes %></strong>
+      <% end %>
+
+      <% if investment.should_show_price? %>
+        <span class="price-title"><%= t("budgets.investments.investment.price_title") %></span>
+        <strong><%= investment.formatted_price %></strong>
+      <% end %>
+    </div>
+  <% end %>
+
+  <div class="budget-investment-content">
+    <% cache [locale_and_user_status(investment), "index", investment, investment.author] do %>
+      <h3><%= link_to investment.title, namespaced_budget_investment_path(investment) %></h3>
+
+      <%= render Budgets::Investments::InfoComponent.new(investment) %>
+
+      <%= link_to namespaced_budget_investment_path(investment), class: "read-more" do %>
+        <small><%= t("budgets.investments.index.read_more") %></small>
+      <% end %>
+    <% end %>
+  </div>
+</div>
diff --git a/app/components/budgets/investment_component.rb b/app/components/budgets/investment_component.rb
new file mode 100644
index 000000000..e52af44d9
--- /dev/null
+++ b/app/components/budgets/investment_component.rb
@@ -0,0 +1,8 @@
+class Budgets::InvestmentComponent < ApplicationComponent
+  delegate :locale_and_user_status, :namespaced_budget_investment_path, to: :helpers
+  attr_reader :investment
+
+  def initialize(investment)
+    @investment = investment
+  end
+end
diff --git a/app/components/budgets/investments_list_component.html.erb b/app/components/budgets/investments_list_component.html.erb
new file mode 100644
index 000000000..6e39b28ab
--- /dev/null
+++ b/app/components/budgets/investments_list_component.html.erb
@@ -0,0 +1,21 @@
+<% if investments.any? %>
+  <section class="investments-list">
+    <header>
+      <h2><%= t("budgets.show.investments_list") %></h2>
+    </header>
+
+    <% investments.each do |investment| %>
+      <%= render Budgets::InvestmentComponent.new(investment) %>
+    <% end %>
+  </section>
+<% end %>
+
+<% unless budget.informing? %>
+  <div class="row margin-top">
+    <div class="small-12 medium-6 large-4 small-centered column margin-top">
+      <%= link_to t("budgets.show.see_all_investments"),
+                  budget_investments_path(budget),
+                  class: "button expanded" %>
+    </div>
+  </div>
+<% end %>
diff --git a/app/components/budgets/investments_list_component.rb b/app/components/budgets/investments_list_component.rb
new file mode 100644
index 000000000..ab2a6b80d
--- /dev/null
+++ b/app/components/budgets/investments_list_component.rb
@@ -0,0 +1,24 @@
+class Budgets::InvestmentsListComponent < ApplicationComponent
+  attr_reader :budget
+
+  def initialize(budget)
+    @budget = budget
+  end
+
+  def render?
+    budget.single_heading?
+  end
+
+  def investments(limit: 9)
+    case budget.phase
+    when "accepting", "reviewing"
+      budget.investments.sample(limit)
+    when "selecting", "valuating", "publishing_prices"
+      budget.investments.feasible.sample(limit)
+    when "balloting", "reviewing_ballots"
+      budget.investments.selected.sample(limit)
+    else
+      budget.investments.none
+    end
+  end
+end
diff --git a/config/locales/en/budgets.yml b/config/locales/en/budgets.yml
index 8b5193a76..b433d2749 100644
--- a/config/locales/en/budgets.yml
+++ b/config/locales/en/budgets.yml
@@ -130,6 +130,7 @@ en:
           random: random
           confidence_score: highest rated
           price: by price
+        read_more: "Read more"
       share:
         message: "I created the investment project %{title} in %{handle}. Create an investment project too!"
       show:
@@ -161,6 +162,8 @@ en:
         confirm_group:
           one: "You can only support investments in %{count} district. If you continue you cannot change the election of your district. Are you sure?"
           other: "You can only support investments in %{count} districts. If you continue you cannot change the election of your district. Are you sure?"
+        price_title: "Price"
+        support_title: "Supports"
         supports:
           one: 1 support
           other: "%{count} supports"
@@ -174,6 +177,8 @@ en:
         price: "Total budget"
     show:
       see_results: See results
+      see_all_investments: "See all investments"
+      investments_list: "List of investments"
     results:
       link: Results
       page_title: "%{budget} - Results"
diff --git a/config/locales/es/budgets.yml b/config/locales/es/budgets.yml
index 8ec55b7e1..8b4dd9d3d 100644
--- a/config/locales/es/budgets.yml
+++ b/config/locales/es/budgets.yml
@@ -130,6 +130,7 @@ es:
           random: Aleatorios
           confidence_score: Mejor valorados
           price: Por coste
+        read_more: "Leer más"
       share:
         message: "He presentado el proyecto %{title} en %{handle}. ¡Presenta un proyecto tú también!"
       show:
@@ -161,6 +162,8 @@ es:
         confirm_group:
           one: "Sólo puedes apoyar proyectos en %{count} distrito. Si sigues adelante no podrás cambiar la elección de este distrito. ¿Estás seguro/a?"
           other: "Sólo puedes apoyar proyectos en %{count} distritos. Si sigues adelante no podrás cambiar la elección de este distrito. ¿Estás seguro/a?"
+        price_title: "Coste"
+        support_title: "Apoyos"
         supports:
           zero: Sin apoyos
           one: 1 apoyo
@@ -174,6 +177,8 @@ es:
         price: "Presupuesto total"
     show:
       see_results: Ver resultados
+      see_all_investments: "Ver todos los proyectos"
+      investments_list: "Lista de proyectos"
     results:
       link: Resultados
       page_title: "%{budget} - Resultados"
diff --git a/spec/components/budgets/investment_component_spec.rb b/spec/components/budgets/investment_component_spec.rb
new file mode 100644
index 000000000..0edb520ed
--- /dev/null
+++ b/spec/components/budgets/investment_component_spec.rb
@@ -0,0 +1,59 @@
+require "rails_helper"
+
+describe Budgets::InvestmentComponent, type: :component do
+  let(:user) { create(:user) }
+
+  before do
+    allow(controller).to receive(:current_user).and_return(user)
+  end
+
+  it "shows the investment image when defined" do
+    investment = create(:budget_investment, :with_image)
+    render_inline Budgets::InvestmentComponent.new(investment)
+
+    expect(page).not_to have_css "img[src*='budget_investment_no_image']"
+    expect(page).to have_css "img[alt='#{investment.image.title}']"
+  end
+
+  it "shows the default image when investment has not an image defined" do
+    investment = create(:budget_investment)
+    render_inline Budgets::InvestmentComponent.new(investment)
+
+    expect(page).to have_css "img[src*='budget_investment_no_image']"
+  end
+
+  it "shows supports count when budget is valuating" do
+    budget = create(:budget, :valuating)
+    investment = create(:budget_investment, budget: budget)
+    render_inline Budgets::InvestmentComponent.new(investment)
+
+    expect(page).to have_content "Supports"
+
+    budget.update!(phase: (Budget::Phase::PHASE_KINDS - ["valuating"]).sample)
+    render_inline Budgets::InvestmentComponent.new(investment)
+
+    expect(page).not_to have_content "Supports"
+  end
+
+  it "shows price when investment is selected and budget prices are published" do
+    budget = create(:budget, :finished)
+    investment = create(:budget_investment, :selected, budget: budget)
+    render_inline Budgets::InvestmentComponent.new(investment)
+
+    expect(page).to have_content "Price"
+
+    budget.update!(phase: (Budget::Phase::PHASE_KINDS - Budget::Phase::PUBLISHED_PRICES_PHASES).sample)
+    render_inline Budgets::InvestmentComponent.new(investment)
+
+    expect(page).not_to have_content "Price"
+  end
+
+  it "shows investment information" do
+    investment = create(:budget_investment)
+    render_inline Budgets::InvestmentComponent.new(investment)
+
+    expect(page).to have_link investment.title
+    expect(page).to have_link "Read more"
+    expect(page).to have_css ".investment-project-info"
+  end
+end
diff --git a/spec/components/budgets/investments_list_component_spec.rb b/spec/components/budgets/investments_list_component_spec.rb
new file mode 100644
index 000000000..ca1864518
--- /dev/null
+++ b/spec/components/budgets/investments_list_component_spec.rb
@@ -0,0 +1,63 @@
+require "rails_helper"
+
+describe Budgets::InvestmentsListComponent, type: :component do
+  describe "#investments_preview_list" do
+    let(:budget)    { create(:budget, :accepting) }
+    let(:group)     { create(:budget_group, budget: budget) }
+    let(:heading)   { create(:budget_heading, group: group) }
+    let(:component) { Budgets::InvestmentsListComponent.new(budget) }
+
+    let!(:normal_investments)   { create_list(:budget_investment, 4, heading: heading) }
+    let!(:feasible_investments) { create_list(:budget_investment, 4, :feasible, heading: heading) }
+    let!(:selected_investments) { create_list(:budget_investment, 4, :selected, heading: heading) }
+
+    it "returns an empty relation if phase is informing or finished" do
+      %w[informing finished].each do |phase_name|
+        budget.phase = phase_name
+
+        expect(component.investments).to be_empty
+      end
+    end
+
+    it "returns a maximum 9 investments by default" do
+      expect(budget.investments.count).to be 12
+      expect(component.investments.count).to be 9
+    end
+
+    it "returns a different random array of investments every time" do
+      expect(component.investments(limit: 7)).not_to eq component.investments(limit: 7)
+    end
+
+    it "returns any investments while accepting and reviewing" do
+      %w[accepting reviewing].each do |phase_name|
+        budget.phase = phase_name
+
+        investments = component.investments(limit: 9)
+
+        expect(investments & normal_investments).not_to be_empty
+        expect(investments & feasible_investments).not_to be_empty
+        expect(investments & selected_investments).not_to be_empty
+      end
+    end
+
+    it "returns only feasible investments if phase is selecting, valuating or publishing_prices" do
+      %w[selecting valuating publishing_prices].each do |phase_name|
+        budget.phase = phase_name
+
+        investments = component.investments(limit: 6)
+
+        expect(feasible_investments + selected_investments).to include(*investments)
+      end
+    end
+
+    it "returns only selected investments if phase is balloting or reviewing_ballots" do
+      %w[balloting reviewing_ballots].each do |phase_name|
+        budget.phase = phase_name
+
+        investments = component.investments(limit: 3)
+
+        expect(selected_investments).to include(*investments)
+      end
+    end
+  end
+end
diff --git a/spec/system/budgets/budgets_spec.rb b/spec/system/budgets/budgets_spec.rb
index e851c0c19..5d9a0c210 100644
--- a/spec/system/budgets/budgets_spec.rb
+++ b/spec/system/budgets/budgets_spec.rb
@@ -270,6 +270,123 @@ describe "Budgets" do
 
       expect(page).to have_link "See results"
     end
+
+    scenario "Show link to see all investments" do
+      budget = create(:budget)
+      group = create(:budget_group, budget: budget)
+      heading = create(:budget_heading, group: group)
+
+      create_list(:budget_investment, 3, :selected, heading: heading, price: 999)
+
+      budget.update!(phase: "informing")
+
+      visit budget_path(budget)
+      expect(page).not_to have_link "See all investments"
+
+      %w[accepting reviewing selecting valuating].each do |phase_name|
+        budget.update!(phase: phase_name)
+
+        visit budget_path(budget)
+        expect(page).to have_link "See all investments",
+                                  href: budget_investments_path(budget)
+      end
+
+      %w[publishing_prices balloting reviewing_ballots].each do |phase_name|
+        budget.update!(phase: phase_name)
+
+        visit budget_path(budget)
+        expect(page).to have_link "See all investments",
+                                  href: budget_investments_path(budget)
+      end
+
+      budget.update!(phase: "finished")
+
+      visit budget_path(budget)
+      expect(page).to have_link "See all investments",
+                                  href: budget_investments_path(budget)
+    end
+
+    scenario "Show investments list" do
+      budget = create(:budget)
+      group = create(:budget_group, budget: budget)
+      heading = create(:budget_heading, group: group)
+
+      create_list(:budget_investment, 3, :selected, heading: heading, price: 999)
+
+      %w[informing finished].each do |phase_name|
+        budget.update!(phase: phase_name)
+
+        visit budget_path(budget)
+
+        expect(page).not_to have_content "List of investments"
+        expect(page).not_to have_css ".investments-list"
+        expect(page).not_to have_css ".budget-investment"
+      end
+
+      %w[accepting reviewing selecting].each do |phase_name|
+        budget.update!(phase: phase_name)
+
+        visit budget_path(budget)
+
+        within(".investments-list") do
+          expect(page).to have_content "List of investments"
+          expect(page).not_to have_content "SUPPORTS"
+          expect(page).not_to have_content "PRICE"
+        end
+      end
+
+      budget.update!(phase: "valuating")
+
+      visit budget_path(budget)
+
+      within(".investments-list") do
+        expect(page).to have_content "List of investments"
+        expect(page).to have_content("SUPPORTS", count: 3)
+        expect(page).not_to have_content "PRICE"
+      end
+
+      %w[publishing_prices balloting reviewing_ballots].each do |phase_name|
+        budget.update!(phase: phase_name)
+
+        visit budget_path(budget)
+
+        within(".investments-list") do
+          expect(page).to have_content "List of investments"
+          expect(page).to have_content("PRICE", count: 3)
+        end
+      end
+    end
+
+    scenario "Do not show investments list when budget has multiple headings" do
+      budget = create(:budget)
+      group = create(:budget_group, budget: budget)
+      heading_1 = create(:budget_heading, group: group)
+      create(:budget_heading, group: group)
+
+      create_list(:budget_investment, 3, :selected, heading: heading_1, price: 999)
+
+      %w[accepting reviewing selecting].each do |phase_name|
+        budget.update!(phase: phase_name)
+
+        visit budget_path(budget)
+
+        expect(page).not_to have_css ".investments-list"
+      end
+
+      budget.update!(phase: "valuating")
+
+      visit budget_path(budget)
+
+      expect(page).not_to have_css ".investments-list"
+
+      %w[publishing_prices balloting reviewing_ballots].each do |phase_name|
+        budget.update!(phase: phase_name)
+
+        visit budget_path(budget)
+
+        expect(page).not_to have_css ".investments-list"
+      end
+    end
   end
 
   context "In Drafting phase" do
diff --git a/spec/system/budgets/investments_spec.rb b/spec/system/budgets/investments_spec.rb
index c73bdf3ba..aedf5893c 100644
--- a/spec/system/budgets/investments_spec.rb
+++ b/spec/system/budgets/investments_spec.rb
@@ -54,7 +54,7 @@ describe "Budget Investments" do
     unfeasible_investment = create(:budget_investment, :unfeasible, heading: heading)
 
     visit budget_path(budget)
-    click_link "More hospitals"
+    click_link "See all investments"
 
     expect(page).to have_selector("#budget-investments .budget-investment", count: 3)
     investments.each do |investment|
@@ -1245,7 +1245,7 @@ describe "Budget Investments" do
 
       first(:link, "Participatory budgeting").click
 
-      click_link "More hospitals"
+      click_link "See all investments"
 
       within("#budget_investment_#{investment1.id}") do
         expect(page).to have_content investment1.title