13F-HR 1 e10009_form13f-mar12.txt FORM 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 03/31/12 Check here if Amendment [ ]; Amendment Number: ___ This Amendment (Check only one.): [ ] is a restatement [ ] adds new holdings entries Institutional Investment Manager Filing this Report: WESTCLIFF CAPITAL MANAGEMENT, LLC 200 Seventh Avenue, Suite 105 Santa Cruz, CA 95062 Form 13F File Number: 028-07054 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, 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: RICHARD S. SPENCER III Managing Member of Westcliff Capital Management, LLC 831-477-4412 Signature, Place, and Date of Signing: /s/ Richard S. Spencer III ------------------------------ Richard S. Spencer Santa Cruz, CA 05/14/2012 Report Type (Check only one.): [X] 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).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 68 Form 13F Information Table Value Total (x$1000): $79,956 List of Other Included Managers: NONE Westcliff Capital Management, LLC FORM 13F INFORMATION TABLE AS OF 03/31/2012

TITLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------- ---------- ------ --------- -------- --- ---- ------- -------- -------- ------ ---- accuray inc COM 004397105 ~~840~~1772 ~~198640~~251020 SH Sole ~~198640~~251020 aegean marine petroleum netwrk COM Y0017S102 1034 149630 SH Sole 149630 agic convertible & inc fd COM 001190107 1238 130266 SH Sole 130266 agic convertible & inc fd2 COM 001191105 1344 153369 SH Sole 153369 agnico-eagle mines ltd COM 008474108 ~~443~~965 ~~12191~~28901 SH Sole ~~12191~~28901 alcatel-lucent sponsored adr COM 013904305 499 219740 SH Sole 219740 american capital agency corp COM 02503X105 766 25940 SH Sole 25940 annaly capital managment inc COM 035710409 ~~516~~1460 ~~32360~~92315 SH Sole ~~32360~~92315 applied micro circuits corp COM ~~03822w406~~03822W406 ~~350~~119 ~~52050~~17180 SH Sole ~~52050~~17180 armour residential reit inc COM 042315101 3449 510999 SH Sole 510999 atmel corp COM 049513104 ~~489~~667 ~~60343~~67633 SH Sole ~~60343~~67633 barrick gold corp COM 067901108 ~~1146~~1044 ~~25324~~24014 SH Sole ~~25324~~24014 basic energy svcs inc new COM 06985P100 ~~1545~~388 ~~78430~~22380 SH Sole ~~78430~~22380 builders firstsource inc COM 12008R107 ~~695~~1418 ~~340814~~335134 SH Sole ~~340814~~335134 ~~calfrac~~capstead ~~well~~mtg ~~services~~corp ~~ltd~~ COM ~~CA1295841~~14067E506 ~~2131~~501 ~~76070~~38236 SH Sole ~~76070~~38236 ce franklin ltd COM 125151100 ~~1895~~1815 ~~232789~~187449 SH Sole ~~232789~~187449 ~~ceradyne inc COM 156710105 1718 64170 SH Sole 64170~~ cirrus logic inc COM 172755100 ~~689~~1014 ~~43458~~42618 SH Sole ~~43458~~42618 ~~complete~~corinthian ~~production~~colleges ~~services~~inc COM ~~20453E109~~218868107 ~~1345~~639 ~~40090~~154450 SH Sole ~~40090~~154450 cryoport inc warrants 2/14/16 COM 229050117 0 1642857 SH Sole 1642857 cryoport, inc COM 229050208 ~~1117~~1036 ~~1642857~~1619384 SH Sole ~~1642857~~1619384 cutera inc COM 232109108 947 110800 SH Sole 110800 cynosure inc cl a COM 232577205 1037 58080 SH Sole 58080 cypress sharpridge invts inc COM 12673A108 1720 131370 SH Sole 131370 energy xxi (bermuda) ltd COM G10082140 ~~1320~~978 ~~41391~~27071 SH Sole ~~41391~~27071 ~~evergreen~~ensco ~~energy~~international ~~inc~~plc ~~wts 4.630~~ COM ~~30024B104~~26874Q100 0245 ~~148746~~4620 SH Sole ~~148746~~4620 ~~finisar~~eresearchtechnology ~~corporation~~inc COM ~~31787A507~~29481V108 ~~315~~390 ~~18800~~49920 SH Sole ~~18800~~49920 ~~gastar~~finisar ~~expl~~corporation ~~ltd~~ COM ~~367299104~~31787A507 ~~128~~1130 ~~40100~~56100 SH Sole ~~40100~~56100 goldcorp inc COM 380956409 ~~843~~818 ~~19047~~18157 SH Sole ~~19047~~18157 gse systems inc ~~warrants~~wts COM 36227K106 0 76527 SH Sole 76527 gulfmark offshore inc COM 402629208 ~~1390~~1493 ~~33090~~32480 SH Sole ~~33090~~32480 hercules offshore inc COM 427093109 ~~2542~~2782 ~~572450~~588140 SH Sole ~~572450~~588140 hornbeck offshore svcs inc new COM 440543106 ~~2887~~3345 ~~93080~~79590 SH Sole ~~93080~~79590 hutchinson tech COM 448407106 ~~1724~~2480 ~~1149500~~1127360 SH Sole ~~1149500~~1127360 infinera corporation COM 45667G103 ~~387~~1024 ~~61590~~126110 SH Sole ~~61590~~126110 integrated silicon solution COM 45812P107 ~~2052~~2195 ~~224516~~196706 SH Sole ~~224516~~196706 kinross gold corp COM 496902404 ~~376~~932 ~~32950~~95180 SH Sole ~~32950~~95180 magnachip semiconductor corp a COM 55933J203 1071 89240 SH Sole 89240 mcgrath rentcorp COM 012235216 ~~703~~722 ~~24240~~22470 SH Sole ~~24240~~22470 mcmoran exploration co COM 582411104 ~~713~~517 ~~48975~~48295 SH Sole ~~48975~~48295 micron technology inc COM 595112103 ~~1101~~1390 ~~175000~~171670 SH Sole ~~175000~~171670 ~~minefinders~~mindspeed ~~ltd~~technologies inc COM ~~602900102~~602682205 ~~1049~~2151 ~~98926~~337670 SH Sole ~~98926~~337670 ~~newmont~~move ~~mining~~inc ~~corp~~ COM ~~651639106~~62458M207 ~~910~~202 ~~15163~~20780 SH Sole ~~15163~~20780 ~~ocz~~multimedia ~~technology~~games ~~group~~holding ~~inc~~co COM ~~67086E303~~625453105 ~~1465~~1070 ~~221580~~97670 SH Sole ~~221580~~97670 ~~parker~~newmont ~~drilling~~mining cocorp COM ~~701081101~~651639106 ~~2864~~896 ~~399410~~17473 SH Sole ~~399410~~17473 ~~patterson~~ocz ~~uti~~technology ~~energy~~group inc COM ~~703481101~~67086E303 ~~2013~~1730 ~~100750~~247890 SH Sole ~~100750~~247890 ~~petroquest~~pacific ~~energy~~drilling ~~inc~~sa luxembourg COM ~~716748108~~LU0611695 ~~724~~167 ~~109770~~16470 SH Sole ~~109770~~16470 palomar medical technologies COM 697529303 897 96030 SH Sole 96030 pimco high income fd COM 722014107 ~~1909~~259 ~~158839~~20133 SH Sole ~~158839~~20133 pioneer drilling co COM 723655106 ~~2367~~1387 ~~244500~~157610 SH Sole ~~244500~~157610 ~~precision~~pmfg ~~drilling~~inc ~~corp~~ COM ~~74022D308~~69345P103 ~~2243~~1593 ~~218643~~106110 SH Sole ~~218643~~106110 procera networks inc COM 74269U203 ~~508~~907 ~~32630~~40545 SH Sole ~~32630~~40545 radisys corp COM 750459109 1019 137750 SH Sole 137750 republic awys hldgs inc COM 760276105 887 179533 SH Sole 179533 resource cap corp COM 76120W302 538 99820 SH Sole 99820 sandridge energy inc COM 80007P307 ~~1669~~1834 ~~204580~~234270 SH Sole ~~204580~~234270 seagate technology COM G7945m107 ~~2388~~3952 ~~145616~~146616 SH Sole ~~145616~~146616 silicon image inc COM 82705T102 1084 184310 SH Sole 184310 silicon motion technol-adr COM 82706C108 ~~1279~~2463 ~~62430~~127140 SH Sole ~~62430~~127140 ~~southwestern~~stamps.com ~~energy~~inc co COM ~~845467109~~852857200 ~~703~~1525 ~~22012~~54710 SH Sole ~~22012~~54710 support.com inc COM 86858W101 ~~1198~~2093 ~~532388~~664438 SH Sole ~~532388~~664438 synaptics inc COM 87157D109 ~~606~~893 ~~20100~~24470 SH Sole ~~20100~~24470 treasur island rty tr unit COM 894626209 ~~1006~~758 ~~648909~~592269 SH Sole ~~648909~~592269 ~~trican~~triumph ~~well~~group ~~service~~inc ~~ltd~~new ~~- 144a~~ COM ~~895945202~~896818101 ~~1044~~607 ~~60516~~9690 SH Sole ~~60516~~9690 ~~trican~~two ~~well~~harbors ~~svc~~investment ~~ltd~~corp COM ~~895945103~~90187B101 ~~1173~~266 ~~67980~~26270 SH Sole ~~67980~~26270 ultratech inc COM 904034105 ~~669~~774 ~~27210~~26700 SH Sole ~~27210~~26700 ~~western~~wabash ~~digital~~natl corp COM ~~958102105~~929566107 ~~688~~1547 ~~22220~~149440 SH Sole ~~22220~~149440 ~~woodward~~western ~~inc~~digital corp COM ~~980745103~~958102105 ~~781~~1458 ~~19070~~35220 SH Sole ~~19070~~35220 xtreme ~~coil~~ drilling ~~corp~~& coil service COM 98417D102 ~~1309~~615 ~~355290~~196130 SH Sole ~~355290~~196130 REPORT SUMMARY 5468 DATA RECORDS ~~61,966~~79956 -0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED

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