Large AdS/CFT correspondence and D1/D5 systems in theories with 16 supercharges

We discuss spectra of $AdS_3$ supergravities, arising in the near horizon geometry of D1/D5 systems in orbifolds/orientifolds of type IIB theory with 16 supercharges. These include models studied in a recent paper (hep-th/0012118), where the group action involves also a shift along a transversal circle, as well as IIB/$\Omega I_4$, which is dual to IIB on $K3$. After appropriate assignements of the orbifold group eigenvalues and degrees to the supergravity single particle spectrum, we compute the supergravity elliptic genus and find agreement, in the expected regime of validity, with the elliptic genus obtained using U-duality map from (4,4) CFTs of U-dual backgrounds. Since this U-duality involves the exchange of KK momentum $P$ and D1 charge $N$, it allows us to test the (4,4) CFTs in the $P < N/4$ and $N < P/4$ regimes by two different supergravity duals