UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 12-31-99
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: 28-03851
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 1-18-2000
[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: 55
Form 13F Information Table Value Total: 70,228
List of Other Included Managers:
NONE
<PAGE>
<TABLE>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- --------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AK Steel Holdings COM 001547108 649 34400 SH SOLE 34400
Artisan Components COM 042923102 2774 134400 SH SOLE 134400
Artisoft Inc. COM 04314l106 1387 77070 SH SOLE 77070
Century Aluminium Skt COM 156431108 631 42100 SH SOLE 42100
Charming Shoppes COM 161133103 1734 261750 SH SOLE 261750
Cirrus Logic COM 172755100 2252 169190 SH SOLE 169190
Corsair Communications COM 220406102 1407 173210 SH SOLE 173210
Cypress Semiconductor COM 232806109 893 27590 SH SOLE 27590
Devon Energy COM 251799102 359 10910 SH SOLE 10910
Dril Quip Inc COM 262037104 1299 42780 SH SOLE 42780
EEX Corp COM 26842v207 59 20000 SH SOLE 20000
EVI Weatherford Inc. COM 268939105 607 15190 SH SOLE 15190
Ensco International COM 26874Q100 1742 76140 SH SOLE 76140
Esenjay Exporation COM 296426109 626 333760 SH SOLE 333760
Frontier Oil Corp f/n/a Wainoc COM 35914P105 1465 217046 SH SOLE 217046
Gentex Corp COM 371901109 1254 45200 SH SOLE 45200
Global Marine COM 379352404 638 38360 SH SOLE 38360
Gold Fields Ltd COM 38059t106 436 96200 SH SOLE 96200
Grey Wolf Inc. COM 397888108 1393 484470 SH SOLE 484470
Gulfmark Offshore COM 402629109 480 32800 SH SOLE 32800
Gymboree COM 403777105 112 20000 SH SOLE 20000
Huntway Refining COM 447309105 591 497736 SH SOLE 497736
Integrated Device Technology COM 458118106 1975 68100 SH SOLE 68100
Integrated Silicon Solutions COM 45812P107 2782 168000 SH SOLE 168000
Interlink Electronics COM 458751104 4151 70650 SH SOLE 70650
Key Energy COM 492914106 1661 320160 SH SOLE 320160
Kinross Gold Corp COM 496902107 866 461850 SH SOLE 461850
Korn Ferry Intl COM 500643200 537 14750 SH SOLE 14750
LTV Corp COM 501921100 1098 266100 SH SOLE 266100
Lone Star Technology COM 542312103 558 20020 SH SOLE 20020
Marine Drilling COM 568240204 1106 49280 SH SOLE 49280
Maxtor Corporation COM 577729205 721 99500 SH SOLE 99500
Nabors Industries COM 629568106 981 31710 SH SOLE 31710
National Steel Corp COM 637844309 234 31400 SH SOLE 31400
Noble Drilling COM 655042109 491 15000 SH SOLE 15000
Oak Technology COM 671802106 2301 243830 SH SOLE 243830
PC Connection COM 69318j100 1197 34700 SH SOLE 34700
Pan American Silver COM 697900108 2053 386520 SH SOLE 386520
Paradigm Geophysical Ltd COM 69900j104 391 79780 SH SOLE 79780
Pennaco Energy Inc. COM 708046107 1977 247180 SH SOLE 247180
PetsMart Inc. COM 716768106 1350 234700 SH SOLE 234700
Pride International Inc. COM 741932107 1880 128580 SH SOLE 128580
Prosoft Training.com COM 743477101 5565 536430 SH SOLE 536430
R & B Falcon Drilling COM 74912E101 2192 165400 SH SOLE 165400
Rambus Inc. COM 750917106 852 12630 SH SOLE 12630
Remmington Oil and Gas Corp COM 759594302 1055 272290 SH SOLE 272290
Rowan Companies COM 779382100 1180 54400 SH SOLE 54400
Santa Cruz Operations COM 801833104 2961 97470 SH SOLE 97470
Sharper Image Corp SAU COM 820013100 964 76000 SH SOLE 76000
Stolt Comex Seaway COM l8873e103 1196 108120 SH SOLE 108120
TVX Gold Inc. COM 873081401 98 121070 SH SOLE 121070
Titan Pharmaceuticals COM 888314101 1705 89720 SH SOLE 89720
Ultra Petroleum Corp COM 903914109 510 756400 SH SOLE 756400
Value City Dept Stores COM 920387107 151 10000 SH SOLE 10000
Veritas DGC COM 92343p107 700 50000 SH SOLE 50000
</TABLE>
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