A Refined Count of BPS States in the D1/D5 System

We examine the low-lying quarter BPS spectrum of a 2d conformal field theory with target Sym$^N(K3)$ at various points in the moduli space, and look at a more refined count than the ordinary elliptic genus. We compute growth of the spectrum at both the symmetric orbifold point, as well as at the supergravity point in the moduli space. Finally we do a decomposition of the spectra into $\mathcal{N}=4$ characters and discuss possible relations to interesting symmetry groups. A similar analysis is done with $T^4$.