Abstract
The decoupling limit of the D1-D5 system compactified on T^4\times S^1 has a rich spectrum of U(1) charged excitations. Even though these states are not BPS in the limit, BPS considerations determine the mass and the semiclassical entropy for a given charge vector. The dependence of the mass formula on the compactification moduli situates the symmetric orbifold Sym^N(T^4) x T^4 conformal field theory in the moduli space. A detailed analysis of the global identifications of the moduli space yields a picture of multiple weak-coupling limits - one for each factorization of N into D1 and D5 charges d1 and d5=N/d1 - joined through regions of strong coupling in the CFT moduli space.
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