diff --git a/app/controllers/valuation/budget_investments_controller.rb b/app/controllers/valuation/budget_investments_controller.rb
index 4fcc990f1..3460b6d20 100644
--- a/app/controllers/valuation/budget_investments_controller.rb
+++ b/app/controllers/valuation/budget_investments_controller.rb
@@ -73,7 +73,7 @@ class Valuation::BudgetInvestmentsController < Valuation::BaseController
     end
 
     def heading_filters
-      investments = @budget.investments.visible_to_valuator(current_user.valuator).distinct
+      investments = @budget.investments.visible_to_valuator(current_user.valuator)
       investment_headings = Budget::Heading.where(id: investments.pluck(:heading_id)).sort_by(&:name)
 
       all_headings_filter = [
diff --git a/app/models/budget/investment.rb b/app/models/budget/investment.rb
index 306f89793..051c569bb 100644
--- a/app/models/budget/investment.rb
+++ b/app/models/budget/investment.rb
@@ -100,7 +100,7 @@ class Budget
     scope :by_heading,        ->(heading_id)  { where(heading_id: heading_id) }
     scope :by_admin,          ->(admin_id)    { where(administrator_id: admin_id) }
     scope :by_tag,            ->(tag_name)    { tagged_with(tag_name).distinct }
-    scope :visible_to_valuator, ->(valuator)  { visible_to_valuators.by_valuator(valuator) }
+    scope :visible_to_valuator, ->(valuator)  { visible_to_valuators.where(id: valuator&.assigned_investment_ids) }
 
     scope :for_render, -> { includes(:heading) }
 
diff --git a/spec/components/valuation/budgets/row_component_spec.rb b/spec/components/valuation/budgets/row_component_spec.rb
index 384ec05e6..63d0e7370 100644
--- a/spec/components/valuation/budgets/row_component_spec.rb
+++ b/spec/components/valuation/budgets/row_component_spec.rb
@@ -17,6 +17,16 @@ describe Valuation::Budgets::RowComponent do
       expect(page).to have_selector ".investments-count", text: "1"
     end
 
+    it "counts investments assigned to the valuator group" do
+      budget = create(:budget, :valuating)
+      valuator_group = create(:valuator_group, valuators: [valuator])
+      create(:budget_investment, :visible_to_valuators, budget: budget, valuator_groups: [valuator_group])
+
+      render_inline Valuation::Budgets::RowComponent.new(budget: budget)
+
+      expect(page).to have_selector ".investments-count", text: "1"
+    end
+
     it "does not count investments with valuation finished" do
       budget = create(:budget, :valuating)
       create(:budget_investment, :visible_to_valuators,
@@ -58,6 +68,16 @@ describe Valuation::Budgets::RowComponent do
       expect(page).to have_link "Evaluate"
     end
 
+    it "is shown when the investments are assigned to the valuator group" do
+      budget = create(:budget, :valuating)
+      valuator_group = create(:valuator_group, valuators: [valuator])
+      create(:budget_investment, :visible_to_valuators, budget: budget, valuator_groups: [valuator_group])
+
+      render_inline Valuation::Budgets::RowComponent.new(budget: budget)
+
+      expect(page).to have_link "Evaluate"
+    end
+
     it "is shown when the assigned investments have finished valuation" do
       budget = create(:budget, :valuating)
       create(:budget_investment, :visible_to_valuators,
diff --git a/spec/models/budget/investment_spec.rb b/spec/models/budget/investment_spec.rb
index a0d4e2ef4..7dede4c03 100644
--- a/spec/models/budget/investment_spec.rb
+++ b/spec/models/budget/investment_spec.rb
@@ -414,6 +414,55 @@ describe Budget::Investment do
     end
   end
 
+  describe ".visible_to_valuator" do
+    let(:valuator) { create(:valuator) }
+
+    it "returns investments assigned to the valuator" do
+      investment = create(:budget_investment, :visible_to_valuators, valuators: [valuator])
+
+      expect(Budget::Investment.visible_to_valuator(valuator)).to eq [investment]
+    end
+
+    it "does not return investments assigned to other valuators" do
+      create(:budget_investment, :visible_to_valuators, valuators: [create(:valuator)])
+
+      expect(Budget::Investment.visible_to_valuator(valuator)).to be_empty
+    end
+
+    it "does not return duplicate investments when they're assigned more than once" do
+      investment = create(:budget_investment, :visible_to_valuators)
+      2.times { Budget::ValuatorAssignment.create!(valuator: valuator, investment: investment) }
+
+      expect(Budget::Investment.visible_to_valuator(valuator)).to eq [investment]
+    end
+
+    it "does not return duplicate investments when assigned to both a valuator and their group" do
+      valuator_group = create(:valuator_group, valuators: [valuator])
+      investment = create(:budget_investment, :visible_to_valuators, valuators: [valuator],
+                                                                     valuator_groups: [valuator_group])
+
+      expect(Budget::Investment.visible_to_valuator(valuator)).to eq [investment]
+    end
+
+    it "returns investments assigned to the valuator's group" do
+      valuator_group = create(:valuator_group, valuators: [valuator])
+      investment = create(:budget_investment, :visible_to_valuators, valuator_groups: [valuator_group])
+
+      expect(Budget::Investment.visible_to_valuator(valuator)).to eq [investment]
+    end
+
+    it "does not return investments assigned to other valuator groups" do
+      valuator_group = create(:valuator_group, valuators: [create(:valuator)])
+      create(:budget_investment, :visible_to_valuators, valuator_groups: [valuator_group])
+
+      expect(Budget::Investment.visible_to_valuator(valuator)).to be_empty
+    end
+
+    it "returns an empty relation when valuator is nil" do
+      expect(Budget::Investment.visible_to_valuator(nil)).to be_empty
+    end
+  end
+
   describe ".scoped_filter" do
     let(:budget)     { create(:budget, :balloting, slug: "budget_slug") }
     let(:investment) { create(:budget_investment, budget: budget) }