diff --git a/v2/build/property.jam b/v2/build/property.jam
index 21b4e389b..d8971cf4a 100644
--- a/v2/build/property.jam
+++ b/v2/build/property.jam
@@ -9,6 +9,7 @@ import sequence : unique ;
 import errors : error ;
 import feature ;
 import regex ;
+import string ;
 import sequence ;
 import set ;
 import path ;
@@ -192,6 +193,30 @@ local rule path-order ( x y )
     }
 }
 
+local rule abbreviate-dashed ( string )
+{
+    local r ;
+    for local part in [ regex.split $(string) - ]
+    {
+        r += [ string.abbreviate $(part) ] ;
+    }
+    return $(r:J=-) ;
+}
+
+local rule identity ( string )
+{
+    return $(string) ;
+}
+
+if --abbreviate-paths in [ modules.peek : ARGV ]
+{
+    .abbrev = abbreviate-dashed ;
+}
+else
+{
+    .abbrev = identity ;
+}
+
 # Returns a path which represents the given expanded property set.
 rule as-path ( properties * )
 {
@@ -211,12 +236,10 @@ rule as-path ( properties * )
             if $(p:G)
             {
                 local f = [ ungrist $(p:G) ] ;
-                components += $(f)-$(p:G=) ;
-            }
-            else
-            {
-                components += $(p) ;
+                p = $(f)-$(p:G=) ;
             }
+            
+            components += [ $(.abbrev) $(p) ] ;
         }
         
         $(entry) = $(components:J=/) ;
@@ -528,7 +551,7 @@ local rule __test__ ( )
     import feature : feature subfeature compose ;
     
     # local rules must be explicitly re-imported
-    import property : path-order ;
+    import property : path-order abbreviate-dashed ;
     
     feature.prepare-test property-test-temp ;
 
@@ -598,7 +621,10 @@ local rule __test__ ( )
       : as-path <toolset>gcc <optimization>off <rtti>off <variant>debug
       : $(test-space)
       ;
-        
+
+    assert.result optmz-off : abbreviate-dashed optimization-off ;
+    assert.result rntm-lnk-sttc : abbreviate-dashed runtime-link-static ;
+    
     try ;
         validate <feature>value : $(test-space) ;
     catch "Invalid property '<feature>value': unknown feature 'feature'." ;
diff --git a/v2/util/string.jam b/v2/util/string.jam
index dc19b2d13..e51c0b8ba 100644
--- a/v2/util/string.jam
+++ b/v2/util/string.jam
@@ -50,6 +50,57 @@ rule chars (
     return $(result) ;
 }
 
+# Apply a set of standard transformations to string to produce an
+# abbreviation no more than 5 characters long
+#
+rule abbreviate ( string )
+{
+    local r = $(.abbreviated-$(string)) ;
+    if $(r)
+    {
+        return $(r) ;
+    }
+    # Anything less than 4 characters gets no abbreviation
+    else if ! [ MATCH (....) : $(string) ]
+    {
+        $(.abbreviated-$(string)) = $(string) ;
+        return $(string) ;
+    }
+    else
+    {
+        # Separate the initial letter in case it's a vowel
+        local s1 = [ MATCH ^(.)(.*) : $(string) ] ;
+        
+        # drop trailing "ing"
+        local s2 = [ MATCH ^(.*)ing$ : $(s1[2]) ] ;
+        s2 ?= $(s1[2]) ;
+        
+        # Reduce all doubled characters to one
+        local last = "" ;
+        for local c in [ chars $(s2) ]
+        {
+            if $(c) != $(last)
+            {
+                r += $(c) ;
+                last = $(c) ;
+            }
+        }
+        s2 = $(r:J="") ;
+        
+        # Chop all vowels out of the remainder
+        s2 = [ regex.replace $(s2) [AEIOUaeiou] "" ] ;
+
+        # Shorten remaining consonants to 4 characters
+        s2 = [ MATCH ^(.?.?.?.?) : $(s2) ] ;
+        
+        # Glue the initial character back on to the front
+        s2 = $(s1[1])$(s2) ;
+        
+        $(.abbreviated-$(string)) = $(s2) ;
+        return $(s2) ;
+    }
+}
+
 # Concatenates the given strings, inserting the given separator
 # between each string.
 #
@@ -101,6 +152,15 @@ rule __test__ ( )
     import assert ;
     assert.result a b c : chars abc ;
     
+    assert.result rntm : abbreviate runtime ;
+    assert.result ovrld : abbreviate overload ;
+    assert.result dbg : abbreviate debugging ;
+    assert.result async : abbreviate asynchronous ;
+    assert.result pop : abbreviate pop ;
+    assert.result aaa : abbreviate aaa ;
+    assert.result qck : abbreviate quack ;
+    assert.result sttc : abbreviate static ;
+    
     # check boundary cases
     assert.result a : chars a ;
     assert.result : chars "" ;