Another earnings season has come and gone. Wal-Mart Stores Inc.’s (WMT) quarterly report last week marked the end of “the season” for S&P 500 companies.

But I’m already on to the next reporting season: hedge funds.

Every quarter, these secretive institutions disclose their long portfolios to the public in an SEC-mandated filing called a 13F.

Fund managers with more than $100 million under management are required to file a 13F within 45 days of the previous quarter’s close.

So, four times a year, the average investor has the invaluable opportunity to see where the “smart money” is deploying their capital.

And today, I’m going to dive into one of their favorite additions of the fourth quarter.

Just a Little Pin Prick?

Laboratory Corp. of America Holdings (LH) is the second-largest clinical lab company in the United States. Founded in 1971 and better known as LabCorp, the company performs a wide range of diagnostic and disease treatment services.

LabCorp operates 39 primary laboratories and approximately 1,750 patient service centers around the world.

Over the last 20 years, the stock has been a standout performer against the market. Since 1996, the stock gained 422% versus the S&P’s gain of just 197%.

Since 2010, LabCorp grew revenue by an average of 11%. And it’s driven earnings of 4.9% during that time, more than triple the rate of chief competitor Quest Diagnostics Inc. (DGX).

And last year, LabCorp completed a $6.2 billion purchase of pharmaceutical R&D giant Covance Inc. The purchase will contribute heavily to the company’s top line growth as well as reduce testing costs.

However, the firm struggled as several unrelated biotech scandals rocked the industry as a whole: