diff --git a/spec/components/budgets/investments_list_component_spec.rb b/spec/components/budgets/investments_list_component_spec.rb
index e167b24b9..60717acd8 100644
--- a/spec/components/budgets/investments_list_component_spec.rb
+++ b/spec/components/budgets/investments_list_component_spec.rb
@@ -1,10 +1,15 @@
 require "rails_helper"
 
 describe Budgets::InvestmentsListComponent, type: :component do
+  include Rails.application.routes.url_helpers
+
+  let(:budget)    { create(:budget, :accepting) }
+  let(:group)     { create(:budget_group, budget: budget) }
+  let(:heading)   { create(:budget_heading, group: group) }
+
+  before { allow(controller).to receive(:current_user).and_return(nil) }
+
   describe "#investments" 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) }
@@ -60,4 +65,89 @@ describe Budgets::InvestmentsListComponent, type: :component do
       end
     end
   end
+
+  describe "investment list" do
+    before { create_list(:budget_investment, 3, :selected, heading: heading, price: 999) }
+
+    it "is not shown in the informing or finished phases" do
+      %w[informing finished].each do |phase_name|
+        budget.phase = phase_name
+
+        render_inline Budgets::InvestmentsListComponent.new(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
+    end
+
+    it "is shown without supports nor prices in the accepting phases" do
+      %w[accepting reviewing selecting].each do |phase_name|
+        budget.phase = phase_name
+
+        render_inline Budgets::InvestmentsListComponent.new(budget)
+
+        expect(page).to have_content "List of investments"
+        expect(page).not_to have_content "Supports"
+        expect(page).not_to have_content "Price"
+      end
+    end
+
+    it "is shown with supports in the valuating phase" do
+      budget.phase = "valuating"
+
+      render_inline Budgets::InvestmentsListComponent.new(budget)
+
+      expect(page).to have_content "List of investments"
+      expect(page).to have_content "Supports", count: 3
+      expect(page).not_to have_content "Price"
+    end
+
+    it "is shown with prices in the balloting phases" do
+      %w[publishing_prices balloting reviewing_ballots].each do |phase_name|
+        budget.phase = phase_name
+
+        render_inline Budgets::InvestmentsListComponent.new(budget)
+
+        expect(page).to have_content "List of investments"
+        expect(page).to have_content "Price", count: 3
+        expect(page).not_to have_content "Supports"
+      end
+    end
+
+    it "is not rendered for budgets with multiple headings" do
+      create(:budget_heading, budget: budget)
+
+      Budget::Phase::PHASE_KINDS.each do |phase_name|
+        budget.phase = phase_name
+
+        render_inline Budgets::InvestmentsListComponent.new(budget)
+
+        expect(page.native.inner_html).to be_empty
+      end
+    end
+  end
+
+  describe "link to see all investments" do
+    before { create_list(:budget_investment, 3, :selected, heading: heading, price: 999) }
+
+    it "is not shown in the informing phase" do
+      budget.phase = "informing"
+
+      render_inline Budgets::InvestmentsListComponent.new(budget)
+
+      expect(page).not_to have_link "See all investments"
+    end
+
+    it "is shown in all other phases" do
+      (Budget::Phase::PHASE_KINDS - ["informing"]).each do |phase_name|
+        budget.phase = phase_name
+
+        render_inline Budgets::InvestmentsListComponent.new(budget)
+
+        expect(page).to have_link "See all investments",
+                                  href: budget_investments_path(budget)
+      end
+    end
+  end
 end
diff --git a/spec/system/budgets/budgets_spec.rb b/spec/system/budgets/budgets_spec.rb
index 8b9ba64f4..8d393f668 100644
--- a/spec/system/budgets/budgets_spec.rb
+++ b/spec/system/budgets/budgets_spec.rb
@@ -301,107 +301,35 @@ 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"
-
-      (Budget::Phase::PHASE_KINDS - ["informing"]).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
-    end
-
     scenario "Show investments list" do
-      budget = create(:budget)
+      budget = create(:budget, phase: "balloting")
       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"
+        expect(page).to have_content "PRICE", count: 3
       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
+      expect(page).to have_link "See all investments",
+                                href: budget_investments_path(budget)
     end
 
     scenario "Do not show investments list when budget has multiple headings" do
-      budget = create(:budget)
+      budget = create(:budget, phase: "accepting")
       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
 
     scenario "Show supports info on selecting phase" do