  It was recently argued that string theory on ${\rm AdS}_3\times {\rm
S}^3\times \mathbb{T}^4$ with one unit ($k=1$) of NS-NS flux is exactly dual to
the symmetric orbifold CFT ${\rm Sym}^N(\mathbb{T}^4)$. In this paper we show
how to directly relate the $n$-point correlators of the two sides to one
another. In particular, we argue that the correlators of the world-sheet theory
are delta-function-localised in string moduli space to those configurations
that allow for a holomorphic covering map of the $\text{S}^2$-boundary of
$\text{AdS}_3$ by the world-sheet. This striking feature can be seen both from
a careful Ward identity analysis, as well as from semi-classically exact
AdS$_3$ solutions that are pinned to the boundary. The world-sheet correlators
therefore have exactly the same structure as in the Lunin-Mathur construction
of symmetric orbifold CFT correlators in terms of a covering surface -- which
now gets identified with the world-sheet. Together with the results of
arXiv:1803.04423 and arXiv:1812.01007 this essentially demonstrates how the
$k=1$ $\text{AdS}_3$ string theory becomes equivalent to the spacetime orbifold
CFT in the genus expansion.
