diff --git a/app/components/valuation/budgets/row_component.html.erb b/app/components/valuation/budgets/row_component.html.erb
index 5ba9933f8..279617bd3 100644
--- a/app/components/valuation/budgets/row_component.html.erb
+++ b/app/components/valuation/budgets/row_component.html.erb
@@ -6,7 +6,7 @@
     <%= budget.current_phase.name %>
   </td>
   <td class="investments-count">
-    <%= investments.count %>
+    <%= valuation_open_investments_count %>
   </td>
   <td>
     <% if investments.any? %>
diff --git a/app/components/valuation/budgets/row_component.rb b/app/components/valuation/budgets/row_component.rb
index 4b75b196e..fd9417bd2 100644
--- a/app/components/valuation/budgets/row_component.rb
+++ b/app/components/valuation/budgets/row_component.rb
@@ -9,8 +9,14 @@ class Valuation::Budgets::RowComponent < ApplicationComponent
   end
 
   def investments
-    return Budget::Investment.none unless budget.valuating?
+    return Budget::Investment.none unless budget.valuating_or_later?
 
-    budget.investments.visible_to_valuators.by_valuator(current_user.valuator).valuation_open
+    budget.investments.visible_to_valuators.by_valuator(current_user.valuator)
+  end
+
+  def valuation_open_investments_count
+    return 0 unless budget.valuating?
+
+    investments.valuation_open.count
   end
 end
diff --git a/spec/components/valuation/budgets/row_component_spec.rb b/spec/components/valuation/budgets/row_component_spec.rb
index 5ec3d5258..384ec05e6 100644
--- a/spec/components/valuation/budgets/row_component_spec.rb
+++ b/spec/components/valuation/budgets/row_component_spec.rb
@@ -17,8 +17,29 @@ describe Valuation::Budgets::RowComponent do
       expect(page).to have_selector ".investments-count", text: "1"
     end
 
-    it "displays zero when the budget is not in the valuating phase" do
-      budget = create(:budget, %i[accepting finished].sample)
+    it "does not count investments with valuation finished" do
+      budget = create(:budget, :valuating)
+      create(:budget_investment, :visible_to_valuators,
+                                 budget: budget,
+                                 valuators: [valuator],
+                                 valuation_finished: true)
+
+      render_inline Valuation::Budgets::RowComponent.new(budget: budget)
+
+      expect(page).to have_selector ".investments-count", text: "0"
+    end
+
+    it "displays zero when the budget hasn't reached the valuating phase" do
+      budget = create(:budget, :accepting)
+      create(:budget_investment, :visible_to_valuators, budget: budget, valuators: [valuator])
+
+      render_inline Valuation::Budgets::RowComponent.new(budget: budget)
+
+      expect(page).to have_selector ".investments-count", text: "0"
+    end
+
+    it "displays zero when the valuating phase is over" do
+      budget = create(:budget, :finished)
       create(:budget_investment, :visible_to_valuators, budget: budget, valuators: [valuator])
 
       render_inline Valuation::Budgets::RowComponent.new(budget: budget)
@@ -37,6 +58,18 @@ describe Valuation::Budgets::RowComponent do
       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,
+                                 budget: budget,
+                                 valuators: [valuator],
+                                 valuation_finished: true)
+
+      render_inline Valuation::Budgets::RowComponent.new(budget: budget)
+
+      expect(page).to have_link "Evaluate"
+    end
+
     it "is not shown when the assigned investments aren't visible to valuators" do
       budget = create(:budget, :valuating)
       create(:budget_investment, :invisible_to_valuators, budget: budget, valuators: [valuator])
@@ -64,13 +97,13 @@ describe Valuation::Budgets::RowComponent do
       expect(page).not_to have_link "Evaluate"
     end
 
-    it "is not shown when the valuating phase is over" do
+    it "is shown when the valuating phase is over" do
       budget = create(:budget, :finished)
       create(:budget_investment, :visible_to_valuators, budget: budget, valuators: [valuator])
 
       render_inline Valuation::Budgets::RowComponent.new(budget: budget)
 
-      expect(page).not_to have_link "Evaluate"
+      expect(page).to have_link "Evaluate"
     end
   end
 end