13F-HR 1 e10051_form13f-jun11.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: 06/30/11 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 08/8/2011 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: 81 Form 13F Information Table Value Total (x$1000): $124,315 List of Other Included Managers: NONE Westcliff Capital Management, LLC FORM 13F INFORMATION TABLE AS OF 06/30/11

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 ~~2127~~2,468 ~~235810~~308,060 SH Sole ~~235810~~308,060 ~~agic convertible & inc fd2 COM 65370G109 114 11290 SH Sole 11290~~ agnico-eagle mines ltd COM 008474108 ~~2004~~1,351 ~~30211~~21,401 SH Sole ~~30211~~21,401 ~~alon~~applied ~~usa~~micro ~~energy~~circuits ~~inc~~corp COM ~~020520102~~03822w406 ~~145~~922 ~~10550~~104,010 SH Sole ~~10550~~104,010 atmel corp COM 049513104 ~~2636~~2,074 ~~193370~~147,400 SH Sole ~~193370~~147,400 barrick gold corp COM 067901108 ~~2489~~1,640 ~~47955~~36,205 SH Sole ~~47955~~36,205 basic energy svcs inc new COM 06985P100 ~~2847~~3,046 ~~111620~~96,790 SH Sole ~~111620~~96,790 ~~bronco drilling co inc COM 112211107 345 30560 SH Sole 30560~~ calfrac well services ltd COM CA1295841 ~~2934~~3,600 ~~91110~~109,190 SH Sole ~~91110~~109,190 ce franklin ltd COM 125151100 ~~3203~~2,874 ~~325172~~299,052 SH Sole ~~325172~~299,052 ceradyne inc COM 156710105 ~~2964~~3,537 ~~65740~~90,710 SH Sole ~~65740~~90,710 cirrus logic inc COM 172755100 ~~2315~~2,085 ~~110070~~131,170 SH Sole ~~110070~~131,170 complete production services COM 20453E109 ~~2327~~3,049 ~~73150~~91,390 SH Sole ~~73150~~91,390 comstock res inc COM 205768203 ~~1386~~1,196 ~~44810~~41,550 SH Sole ~~44810~~41,550 cryoport inc warrants 2/14/16 COM 229050208 ~~912~~690 ~~1642857~~1,642,857 SH Sole ~~1642857~~1,642,857 cryoport, inc COM 229050208 ~~2094~~1,955 ~~1642857~~1,642,857 SH Sole ~~1642857~~1,642,857 cvr energy inc COM 12662P108 ~~1083~~1,046 ~~46780~~42,480 SH Sole ~~46780~~42,480 delek us hldgs inc COM 246647101 ~~1316~~1,382 ~~97070~~88,020 SH Sole ~~97070~~88,020 ~~electro scientific inds inc COM 285229100 1186 68332 SH Sole 68332 energen corp COM 29265N108 252 4000 SH Sole 4000~~ energy xxi (bermuda) ltd COM G10082140 ~~2963~~2,000 ~~86905~~60,195 SH Sole ~~86905~~60,195 epsilon energy ltd COM 294375100 ~~2037~~1,660 ~~490520~~453,110 SH Sole ~~490520~~453,110 evergreen energy inc COM 30024B104 ~~178~~103 ~~57550~~57,459 SH Sole ~~57550~~57,459 evergreen energy inc wts 4.630 COM 30024B104 0- ~~180561~~180,561 SH Sole ~~180561~~180,561 exfo inc COM 302046107 ~~2268~~620 ~~207530~~79,710 SH Sole ~~207530~~79,710 finisar corporation COM 31787A507 ~~1398~~928 ~~56820~~51,480 SH Sole ~~56820~~51,480 frontier oil corp COM 35914P105 ~~1166~~1,176 ~~39780~~36,410 SH Sole ~~39780~~36,410 gmx res inc COM 38011M108 ~~2768~~1,850 ~~448620~~415,670 SH Sole ~~448620~~415,670 goldcorp inc COM 380956409 ~~2030~~1,403 ~~40770~~29,060 SH Sole ~~40770~~29,060 goodrich pete corp COM 382410405 ~~1391~~1,065 ~~62580~~57,850 SH Sole ~~62580~~57,850 gse systems inc ~~warrants~~wts COM 36227K106 0- ~~76527~~76,527 SH Sole ~~76527~~76,527 ~~gsi technology COM 36241U106 1781 195950 SH Sole 195950~~ gt solar intl inc COM 3623E0209 ~~1421~~2,618 ~~133200~~161,610 SH Sole ~~133200~~161,610 hhercules &offshore ~~e equipment services~~ inc COM ~~404030108~~427093109 ~~863~~2,098 ~~44190~~380,850 SH Sole ~~44190~~380,850 ~~hercules~~holly ~~offshore~~corp ~~inc~~ COM ~~427093109~~436106108 ~~2938~~1,215 ~~444540~~17,500 SH Sole ~~444540~~17,500 ~~holly~~hutchinson ~~corp~~tech COM ~~435758305~~448407106 ~~1162~~2,090 ~~19120~~920,650 SH Sole ~~19120~~920,650 immersion corp COM 452521107 ~~2649~~2,119 ~~347685~~248,479 SH Sole ~~347685~~248,479 infinera corporation COM 45667G103 ~~1771~~1,044 ~~211130~~151,120 SH Sole ~~211130~~151,120 innerworkings inc COM 45773Y105 ~~1658~~1,392 ~~224710~~166,930 SH Sole ~~224710~~166,930 integrated ~~device tech inc COM 458118106 487 66040 SH Sole 66040 integrated~~ silicon solution COM 45812P107 ~~3613~~2,088 ~~389772~~215,902 SH Sole ~~389772~~215,902 kinross gold corp COM 496902404 ~~1405~~858 ~~89215~~54,285 SH Sole ~~89215~~54,285 lattice semiconductor corp COM 518415104 ~~1076~~511 ~~182450~~78,300 SH Sole ~~182450~~78,300 ~~limelight networks inc COM 53261M104 684 95500 SH Sole 95500~~ lindsay corporation COM 535555106 ~~1685~~1,333 ~~21320~~19,370 SH Sole ~~21320~~19,370 mcmoran exploration co COM 582411104 ~~1202~~1,167 ~~67870~~63,170 SH Sole ~~67870~~63,170 ~~micron~~merit ~~technology~~med sys inc COM ~~595112103~~589889104 ~~1328~~1,013 ~~115810~~56,356 SH Sole ~~115810~~56,356 ~~minefinders~~micron ~~ltd~~technology inc COM ~~602900102~~595112103 ~~1617~~760 ~~122760~~101,560 SH Sole ~~122760~~101,560 ~~mips~~minefinders ~~technologies~~ltd ~~inc~~ COM ~~604567107~~602900102 ~~1583~~1,475 ~~150860~~113,400 SH Sole ~~150860~~113,400 newmont mining corp COM 651639106 ~~1944~~1,384 ~~35625~~25,635 SH Sole ~~35625~~25,635 oclaro inc COM 67555N206 ~~724~~377 ~~62970~~56,160 SH Sole ~~62970~~56,160 ocz technology group inc COM 67086E303 ~~1200~~2,895 ~~148170~~361,900 SH Sole ~~148170~~361,900 omnivision technologies COM 682128103 ~~3253~~1,839 ~~91560~~52,830 SH Sole ~~91560~~52,830 parker drilling co COM 701081101 2,271 388,140 SH Sole 388,140 patterson uti energy inc COM 703481101 ~~2339~~1,828 ~~79570~~57,830 SH Sole ~~79570~~57,830 penn va corp COM 707882106 ~~1344~~966 ~~79220~~73,150 SH Sole ~~79220~~73,150 petrohawk energy corp COM 716495106 ~~2184~~1,824 ~~89010~~73,960 SH Sole ~~89010~~73,960 petroquest energy inc COM 716748108 ~~1452~~1,008 ~~155150~~143,550 SH Sole ~~155150~~143,550 ~~pimco high income fd COM 722014107 432 30811 SH Sole 30811~~ pioneer drilling co COM 723655106 ~~4384~~3,940 ~~317660~~258,510 SH Sole ~~317660~~258,510 powerwave technologies inc COM 739363109 ~~1530~~814 ~~339310~~275,790 SH Sole ~~339310~~275,790 precision drilling corp COM ~~740215108~~74022D308 ~~281~~1,842 ~~20780~~128,260 SH Sole ~~20780~~128,260 range resources corp COM 75281A109 ~~2248~~1,842 ~~38460~~33,190 SH Sole ~~38460~~33,190 rbc bearings inc COM 75524B104 956 25,310 SH Sole 25,310 rsc holdings inc COM 74972L102 ~~2505~~1,651 ~~174220~~138,070 SH Sole ~~174220~~138,070 sandridge energy inc COM 80007P307 ~~1699~~1,306 ~~132710~~122,530 SH Sole ~~132710~~122,530 seagate technology COM G7945m107 2,079 128,640 SH Sole 128,640 silicon image inc COM 82705T102 ~~2630~~1,693 ~~293520~~262,010 SH Sole ~~293520~~262,010 silicon motion technol-adr COM 82706C108 1,045 97,500 SH Sole 97,500 southwestern energy co COM 845467109 ~~3419~~2,496 ~~79570~~58,220 SH Sole ~~79570~~58,220 stec inc COM 784774101 ~~1061~~814 ~~52820~~47,870 SH Sole ~~52820~~47,870 support.com inc COM 86858W101 ~~2720~~2,296 ~~524143~~478,313 SH Sole ~~524143~~478,313 telenav inc COM 879455103 ~~2019~~1,730 ~~170120~~97,580 SH Sole ~~170120~~97,580 transatlantic petroleum ltd COM BBG000C4N ~~282~~155 ~~1068082~~91,040 SH Sole ~~1068082~~91,040 treasur island rty tr unit COM 894626209 ~~1794~~1,863 ~~1056570~~1,064,882 SH Sole ~~1056570~~1,064,882 trican well service ltd COM 895945202 ~~3021~~1,764 ~~133900~~75,000 SH Sole ~~133900~~75,000 trican well svc ltd COM 895945103 1,115 47,450 SH Sole 47,450 trident microsystems inc COM 895919108 ~~1970~~1,112 ~~1712902~~1,611,586 SH Sole ~~1712902~~1,611,586 triquint semiconductor inc COM 89674K103 ~~1270~~896 ~~98360~~87,910 SH Sole ~~98360~~87,910 ~~twin~~triumph ~~disc~~group inc new COM ~~901476101~~896818101 ~~1445~~2,148 ~~44833~~21,570 SH Sole ~~44833~~21,570 ~~uecw~~twin ~~wts~~disc ~~6/25/2011-$3.10~~inc COM ~~916896103~~901476101 ~~185~~1,882 ~~208333~~48,723 SH Sole ~~208333~~48,723 ~~uecw~~Uranium Energy wts 10/20/2011-$3.95 COM 916896103 7- ~~167500~~167,500 SH Sole ~~167500~~167,500 ultra petroleum corp COM 903914109 ~~2095~~1,667 ~~42530~~36,400 SH Sole ~~42530~~36,400 ~~ultralife~~ultratech ~~corp~~inc COM ~~903899102~~904034105 ~~1794~~2,331 ~~353915~~76,715 SH Sole ~~353915~~76,715 ~~ultratech~~w & t offshore inc COM ~~904034105~~92922P106 ~~3958~~310 ~~134615~~11,850 SH Sole ~~134615~~11,850 wwestern &digital tcorp ~~offshore inc~~ COM ~~92922P106~~958102105 ~~270~~1,540 ~~11850~~42,330 SH Sole ~~11850~~42,330 western refng inc COM 959319104 ~~943~~917 ~~55660~~50,750 SH Sole ~~55660~~50,750 xtreme coil drilling corp COM 98417D102 ~~1788~~1,591 ~~329230~~367,630 SH Sole ~~329230~~367,630 xtreme coil drilling corp - 14 COM B1445V0 C 627 145,000 SH Sole 145,000 REPORT SUMMARY 8381 DATA RECORDS ~~139991~~124,315 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED

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