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Abstract:
I will talk about conformal perturbation theory for the symmetric product orbifold of a toroidal conformal field theory, Sym^N(T4). I will use this framework to explore the moduli space of the D1-D5 brane system and to investigate how 1/4-BPS states are lifted as we move away from the symmetric product orbifold point. This in particular provides evidence that the supersymmetric index undercounts the number of 1/4-BPS states at a generic point in the moduli space.