This is an ugly way to do it.

VAR0=`echo $HOME | cut -f3 -d'/'`
VAR1=`echo $HOME | wc -c`
VAR2=`pwd | cut -c${VAR1}-`
echo ${VAR0}${VAR2}

But it will give you the desired output.

I wouldn't use this example because if you go below your $HOME path it doesn't show anything.