diff --git a/addons/stock_account/report/stock_history.py b/addons/stock_account/report/stock_history.py
index 94f2c5f36a3..ee5a5554729 100644
--- a/addons/stock_account/report/stock_history.py
+++ b/addons/stock_account/report/stock_history.py
@@ -25,22 +25,35 @@ class StockHistory(models.Model):
 
     @api.model
     def read_group(self, domain, fields, groupby, offset=0, limit=None, orderby=False, lazy=True):
+        # Step 1: retrieve the standard read_group output. In case of inventory valuation, this
+        # will be mostly used as a 'skeleton' since the inventory value needs to be computed based
+        # on the individual lines.
         res = super(StockHistory, self).read_group(domain, fields, groupby, offset=offset, limit=limit, orderby=orderby, lazy=lazy)
         if 'inventory_value' in fields:
+            groupby_list = groupby if not lazy else groupby[:-1]
             date = self._context.get('history_date', fieldsDatetime.now())
-            stock_history = self.env['stock.history']
-            group_lines = {}
-            for line in res:
-                domain = line.get('__domain', domain)
-                group_lines.setdefault(str(domain), self.search(domain))
-                stock_history |= group_lines[str(domain)]
 
-            # get data of stock_history in one shot to speed things up (the view can be very slow)
+            # Step 2: retrieve the stock history lines. The result contains the 'expanded'
+            # version of the read_group. We build the query manually for performance reason
+            # (and avoid a costly 'WHERE id IN ...').
+            fields_2 = set(
+                ['id', 'product_id', 'price_unit_on_quant', 'company_id', 'quantity'] + groupby_list
+            )
+            tables, where_clause, where_clause_params = self._where_calc(domain).get_sql()
+            select = "SELECT %s FROM %s WHERE %s "
+            query = select % (','.join(fields_2), tables, where_clause)
+            self._cr.execute(query, where_clause_params)
+
+            # Step 3: match the lines retrieved at step 2 with the aggregated results of step 1.
+            # In other words, we link each item of the read_group result with the corresponding
+            # lines.
             stock_history_data = {}
-            if stock_history:
-                self._cr.execute("""SELECT id, product_id, price_unit_on_quant, company_id, quantity
-                                    FROM stock_history WHERE id in %s""", (tuple(stock_history.ids),))
-                stock_history_data = {line['id']: line for line in self._cr.dictfetchall()}
+            stock_histories_by_group = {}
+            for line in self._cr.dictfetchall():
+                stock_history_data[line['id']] = line
+                key = tuple(line[g] if g in line else False for g in groupby_list)
+                stock_histories_by_group.setdefault(key, [])
+                stock_histories_by_group[key] += [line['id']]
 
             histories_dict = {}
             not_real_cost_method_products = self.env['product.product'].browse(
@@ -56,7 +69,10 @@ class StockHistory(models.Model):
 
             for line in res:
                 inv_value = 0.0
-                for stock_history in group_lines.get(str(line.get('__domain', domain))):
+                # Build the same keys than above, but need to take into account Many2one are tuples
+                key = tuple(line[g] if g in line else False for g in groupby_list)
+                key = tuple(k[0] if isinstance(k, tuple) else k for k in key)
+                for stock_history in self.env['stock.history'].browse(stock_histories_by_group[key]):
                     history_data = stock_history_data[stock_history.id]
                     product_id = history_data['product_id']
                     if self.env['product.product'].browse(product_id).cost_method == 'real':