UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 3-31-99
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-____________
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 4-29-99
[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: 63
Form 13F Information Table Value Total: 45,295
List of Other Included Managers:
NONE
<PAGE>
<PAGE>
<TABLE>
NAME OF ISSUER TITLE OF CUSIP VALUE SHARES INV. OTHR AUTH
CLASS X1000 DISC MGR SOLE
<C> <C>
ACE Comm Corp COM 004404109 618 197700 SH Sole 197700
Abraxas Petroleum COM 003830106 401 229350 SH Sole 229350
Anglogold LT COM 035128206 1447 71883 SH Sole 71883
Apache Corp Com COM 037411105 764 29330 SH Sole 29330
Applebees International COM 037899101 595 23990 SH Sole 23990
Ardent Software COM 039794102 420 26140 SH Sole 26140
Argosy Gaming Co. COM 040228108 324 60900 SH Sole 60900
Ashanti Goldfields Co. COM 043743202 1047 119652 SH Sole 119652
BI Inc. COM 055467203 200 21010 SH Sole 21010
Benton Oil & Gas COM 083288100 426 117600 SH Sole 117600
Briggs and Stratton COM 109043109 567 11490 SH Sole 11490
Cabot Oil & Gas Corp COM 127097103 1083 75018 SH Sole 75018
Cheesecake Factory COM 163072101 294 12360 SH Sole 12360
Coachman Industries COM 189873102 1003 48930 SH Sole 48930
Cooper & Cameron COM 216640102 1347 39750 SH Sole 39750
Dal Tile International COM 23426R108 430 47450 SH Sole 47450
Devon Energy COM 251799102 523 18960 SH Sole 18960
EVI Weatherford Inc.
Symbol ch COM 268939105 776 29700 SH Sole 29700
Electronics for Imaging COM 286082102 516 13230 SH Sole 13230
Ensco International COM 26874Q100 284 21310 SH Sole 21310
Enzon Inc. COM 293904108 1533 103963 SH Sole 103963
Esenjay Exporation COM 296426109 525 420010 SH Sole 420010
Evergreen Res Inc COM 299900308 574 28685 SH Sole 28685
Fisher Imaging COM 337719108 358 272510 SH Sole 272510
Frontier Airlines COM 359065109 597 60470 SH Sole 60470
Frontier Oil Corp
f/n/a Wainoc COM 35914P105 600 119922 SH Sole 119922
Granite Construction COM 387328107 1421 60775 SH Sole 60775
Greenstone Resources COM 39573W104 129 459400 SH Sole 459400
Grupo Industrial Durango COM 40048e109 270 34850 SH Sole 34850
HS Resources Inc. COM 404297103 229 26130 SH Sole 26130
Hansen Natural Corp COM 411310105 304 82400 SH Sole 82400
Huntway Refining COM 447309105 1064 709622 SH Sole 709622
Javelin Systems COM 471896100 429 35380 SH Sole 35380
Key Tronic Corp COM 493144109 345 106190 SH Sole 106190
Labor Ready Inc. COM 505401208 570 21800 SH Sole 21800
Louis Dreyfus COM 546011107 1496 103140 SH Sole 103140
Mallon Resources COM 561240201 217 28882 SH Sole 28882
Maxtor Corporation COM 577729205 447 63260 SH Sole 63260
Meridian Resource Corp COM 58977q109 775 229510 SH Sole 229510
Nabors Industries COM 629568106 827 45480 SH Sole 45480
Network Associates COM 640938106 945 30800 SH Sole 30800
Networking Computing
Devices COM 64120N100 204 40900 SH Sole 40900
Pan American Silver/
sym f/n/a COM 697900108 2310 450770 SH Sole 450770
Pennaco Energy Inc.
f/k/s pneg COM 708046107 694 132270 SH Sole 132270
Pope & Talbot COM 732827100 315 49360 SH Sole 49360
Pride International Inc. COM 741932107 826 100160 SH Sole 100160
Prosoft 1 Net Solutions COM 743477101 569 216880 SH Sole 216880
R & B Falcon Drilling COM 74912E101 1154 133780 SH Sole 133780
Roberts Parmaceutical COM 770491108 565 27220 SH Sole 27220
Rowan Companies COM 779382100 715 56320 SH Sole 56320
Rowe Furniture Corp COM 779528108 288 28850 SH Sole 28850
STB Systems COM 784741100 515 65900 SH Sole 65900
Salton Maxim Housewares COM 795757103 806 32980 SH Sole 32980
Santa Fe Int'l COM G7805c108 1416 75790 SH Sole 75790
Stolt Comex Seaway COM l8873e103 806 83740 SH Sole 83740
TVX Gold Inc. COM 873081401 301 240440 SH Sole 240440
Transocean Offshore Inc. COM 893817106 573 19870 SH Sole 19870
UTI Energy COM 903387108 293 27600 SH Sole 27600
Universal Electronics Inc. COM 913483103 2067 165327 SH Sole 165327
Veritas DGC COM 92343p107 598 41940 SH Sole 41940
West Pharmaceutical Services, COM 953348109 792 24840 SH Sole 24840
Winnebago Ind. COM 974637100 2087 149050 SH Sole 149050
Zoll Medical Corp COM 989922109 686 62380 SH Sole 62380
</TABLE>
