UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 9-30-99
Check here if Amendment: ___; Amendment Number: ___
This Amendment (Check only one.) ___ is a restatement.
___ adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Westcliff Capital Management, LLC
Address: 200 Seventh Avenue, Suite 105
Santa Cruz, CA 95062
Form 13F File Number: 28-03851
The institutional investment manager filing this report and the person by
whom it is signed hereby represent that all information contained herein is
true, correct and complete, and that it is understood that all required
items, statements, schedules, lists and tables, are considered integral
parts of this Form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Richard S. Spencer III
Title: Manager
Phone: 831-479-0422
Signature, Place and Date of Signing:
Richard S. Spencer III Santa Cruz, CA 10-29-99
[Signature] [City, State] [Date]
Report Type (Check only one.):
XXX 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
___ 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
___ 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: -0-
Form 13F Information Table Entry Total: 58
Form 13F Information Table Value Total: 58,838
List of Other Included Managers:
NONE
<PAGE>
<TABLE>
Name of Issuer TITLE OF CUSIP Value Shares INV. OTHER AUTH
CLASS x1000 DISC MGR SOLE
<C> <C>
Abraxas Petroleum COM 003830106 229 101800 SH SOLE 101800
Acclaim Entertainment COM 004325205 702 92400 SH SOLE 92400
Anglogold LTD COM 035128206 2271 72250 SH SOLE 72250
Artisan Components COM 042923102 1579 183100 SH SOLE 183100
Artisoft Inc. COM 04314l106 1360 209270 SH SOLE 209270
Ashanti Goldfields Co. Ltd. COM 043743202 1492 189499 SH SOLE 189499
Autotote Corp COM 053323101 628 239200 SH SOLE 239200
Bell Microproducts COM 078137106 1025 121030 SH SOLE 121030
Cabot Oil & Gas Corp COM 127097103 994 57600 SH SOLE 57600
Cal Dive Intl Inc COM 127914109 250 7300 SH SOLE 7300
Cirrus Logic COM 172755100 524 47620 SH SOLE 47620
Corsair Communications COM 220406102 1119 158450 SH SOLE 158450
Devon Energy COM 251799102 1115 26900 SH SOLE 26900
EVI Weatherford Inc. COM 268939105 518 16200 SH SOLE 16200
Ensco International COM 26874Q100 540 29900 SH SOLE 29900
Esenjay Exporation COM 296426109 834 351310 SH SOLE 351310
Forest Oil Corp COM 346091606 1606 94100 SH SOLE 94100
Frontier Oil Corp f/n/a Wainoc COM 35914P105 997 146400 SH SOLE 146400
Grey Wolf Inc. COM 397888108 1512 503950 SH SOLE 503950
Gulfmark Offshore COM 402629109 751 41730 SH SOLE 41730
Hallwood Energy COM 40636x105 74 11400 SH SOLE 11400
Huntway Refining COM 447309105 871 497736 SH SOLE 497736
Integrated Device Technology COM 458118106 1477 79840 SH SOLE 79840
Interlink Electronics COM 458751104 2422 300400 SH SOLE 300400
Key Energy COM 492914106 1156 234110 SH SOLE 234110
Kinross Gold Corp COM 496902107 885 307700 SH SOLE 307700
Marine Drilling COM 568240204 561 35500 SH SOLE 35500
Midway Games Inc. COM 598148104 381 24200 SH SOLE 24200
Nabors Industries COM 629568106 456 18240 SH SOLE 18240
Newfield Explortion COM 651290108 596 18100 SH SOLE 18100
Newmont Mining COM 651639106 898 34700 SH SOLE 34700
Newport Petrol Corp COM 65231d105 41 12000 SH SOLE 12000
Noble Drilling COM 655042109 516 23600 SH SOLE 23600
Oak Technology COM 671802106 534 119600 SH SOLE 119600
Pan American Silver COM 697900108 3380 466250 SH SOLE 466250
Paradigm Geophysical Ltd COM 69900j104 746 129800 SH SOLE 129800
Pennaco Energy Inc. COM 708046107 3380 277330 SH SOLE 277330
PetsMart Inc. COM 716768106 372 100000 SH SOLE 100000
Placer Dome COM 725906101 2041 137200 SH SOLE 137200
Pride International Inc. COM 741932107 1300 91640 SH SOLE 91640
Prosoft Training.com COM 743477101 2116 559480 SH SOLE 559480
Rambus Inc. COM 750917106 331 5000 SH SOLE 5000
Remmington Oil and Gas Corp COM 759594302 1482 260650 SH SOLE 260650
Rowan Companies COM 779382100 513 31600 SH SOLE 31600
Santa Cruz Operations COM 801833104 1671 140000 SH SOLE 140000
Santa Fe Int'l COM G7805c108 550 25500 SH SOLE 25500
Sigma Design COM 826565103 394 59500 SH SOLE 59500
Stolt Comex Seaway COM l8873e103 1311 115920 SH SOLE 115920
Storm Energy Inc. COM 861918100 46 31940 SH SOLE 31940
TVX Gold Inc. COM 873081401 189 137150 SH SOLE 137150
The 3DO Company COM 88553w105 746 74100 SH SOLE 74100
Titan Pharmaceuticals COM 888314101 1681 179350 SH SOLE 179350
Tower Semiconductor Ltd COM m87915100 456 50000 SH SOLE 50000
UTI Energy COM 903387108 996 51240 SH SOLE 51240
Ultra Petroleum Corp COM 903914109 595 583090 SH SOLE 583090
Universal Electronics Inc. COM 913483103 1294 55945 SH SOLE 55945
Western Gas Resources Inc. COM 958259103 1639 87680 SH SOLE 87680
Xicor Inc. COM 984903104 693 123810 SH SOLE 123810
</TABLE>
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