diff --git a/app/models/budget.rb b/app/models/budget.rb
index 327374c9a..43105de14 100644
--- a/app/models/budget.rb
+++ b/app/models/budget.rb
@@ -198,13 +198,10 @@ class Budget < ApplicationRecord
 
   def investments_filters
     [
-      "not_unfeasible",
-      "feasible",
-      "unfeasible",
-      ("selected" if publishing_prices_or_later?),
-      ("unselected" if publishing_prices_or_later?),
+      (%w[not_unfeasible feasible unfeasible] if valuating_or_later?),
+      (%w[selected unselected] if publishing_prices_or_later?),
       ("winners" if finished?)
-    ].compact
+    ].compact.flatten
   end
 
   def email_selected
diff --git a/spec/components/budgets/investments/filters_component_spec.rb b/spec/components/budgets/investments/filters_component_spec.rb
new file mode 100644
index 000000000..5fe213934
--- /dev/null
+++ b/spec/components/budgets/investments/filters_component_spec.rb
@@ -0,0 +1,33 @@
+require "rails_helper"
+
+describe Budgets::Investments::FiltersComponent do
+  let(:budget) { create(:budget) }
+
+  around do |example|
+    with_request_url(Rails.application.routes.url_helpers.budget_investments_path(budget)) do
+      example.run
+    end
+  end
+
+  it "is not displayed before valuation" do
+    %w[informing accepting reviewing selecting].each do |phase|
+      budget.update!(phase: phase)
+      allow(controller).to receive(:valid_filters).and_return(budget.investments_filters)
+
+      render_inline Budgets::Investments::FiltersComponent.new
+
+      expect(page.native.inner_html).to be_empty
+    end
+  end
+
+  it "is displayed during and after valuation" do
+    Budget::Phase::kind_or_later("valuating").each do |phase|
+      budget.update!(phase: phase)
+      allow(controller).to receive(:valid_filters).and_return(budget.investments_filters)
+
+      render_inline Budgets::Investments::FiltersComponent.new
+
+      expect(page).to have_content "Filtering projects by"
+    end
+  end
+end
diff --git a/spec/models/budget_spec.rb b/spec/models/budget_spec.rb
index 1848b0c5a..91ee27eeb 100644
--- a/spec/models/budget_spec.rb
+++ b/spec/models/budget_spec.rb
@@ -286,14 +286,20 @@ describe Budget do
   end
 
   describe "#investments_filters" do
-    it "returns feasibility filters before publishing prices" do
-      %w[informing accepting reviewing selecting valuating].each do |phase|
+    it "returns no filters before valuating" do
+      %w[informing accepting reviewing selecting].each do |phase|
         budget.phase = phase
 
-        expect(budget.investments_filters).to eq(%w[not_unfeasible feasible unfeasible])
+        expect(budget.investments_filters).to be_empty
       end
     end
 
+    it "returns feasibility filters during valuation" do
+      budget.phase = "valuating"
+
+      expect(budget.investments_filters).to eq(%w[not_unfeasible feasible unfeasible])
+    end
+
     it "returns feasibility and selection filters during the final voting phases" do
       %w[publishing_prices balloting reviewing_ballots].each do |phase|
         budget.phase = phase
diff --git a/spec/system/budgets/investments_spec.rb b/spec/system/budgets/investments_spec.rb
index e3639aa57..95cefbe1a 100644
--- a/spec/system/budgets/investments_spec.rb
+++ b/spec/system/budgets/investments_spec.rb
@@ -47,6 +47,8 @@ describe "Budget Investments" do
   end
 
   scenario "Index" do
+    budget.update!(phase: "valuating")
+
     investments = [create(:budget_investment, heading: heading),
                    create(:budget_investment, heading: heading),
                    create(:budget_investment, :feasible, heading: heading)]
@@ -203,6 +205,8 @@ describe "Budget Investments" do
     end
 
     scenario "Advanced search combined with filter by status" do
+      budget.update!(phase: "valuating")
+
       create(:budget_investment, :feasible, heading: heading, title: "Feasible environment")
       create(:budget_investment, :feasible, heading: heading, title: "Feasible health")
       create(:budget_investment, :unfeasible, heading: heading, title: "Unfeasible environment")
@@ -235,6 +239,8 @@ describe "Budget Investments" do
 
   context("Filters") do
     scenario "by unfeasibility" do
+      budget.update!(phase: "valuating")
+
       investment1 = create(:budget_investment, :unfeasible, :finished, heading: heading)
       investment2 = create(:budget_investment, :feasible, heading: heading)
       investment3 = create(:budget_investment, heading: heading)
@@ -518,7 +524,7 @@ describe "Budget Investments" do
     end
 
     scenario "Order always is random for unfeasible and unselected investments" do
-      Budget::Phase::PHASE_KINDS.each do |phase|
+      Budget::Phase::kind_or_later("valuating").each do |phase|
         budget.update!(phase: phase)
 
         visit budget_investments_path(budget, heading_id: heading.id, filter: "unfeasible")