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Stereotypes of outgroups help create social identificational boundaries for ingroups. When the ingroup is dominant, members employ individualist sentiments to justify their status. In this study, we build on advances in social psychological research that account for multiple outgroup stereotypes. We argue the Asian American model minority stereotype is analogous to the "cold but competent" position of perceptions toward Asians in Fiske’s stereotype content model. Asian Americans are perceived to be exceptional to other minority groups, and we hypothesize that perceived competence is associated with individualist sentiments directed at Blacks and Latinos. Using data from the National Longitudinal Study of Freshmen, we find support for our hypotheses but find that perceived coldness has no relationship to individualist sentiments. We discuss the implications and directions for further research.