diff --git a/config/src/main/java/com/typesafe/config/impl/ConfigReference.java b/config/src/main/java/com/typesafe/config/impl/ConfigReference.java
index 077503d4..b657467e 100644
--- a/config/src/main/java/com/typesafe/config/impl/ConfigReference.java
+++ b/config/src/main/java/com/typesafe/config/impl/ConfigReference.java
@@ -153,7 +153,7 @@ public int hashCode() {
 
     @Override
     protected void render(StringBuilder sb, int indent, boolean atRoot, ConfigRenderOptions options) {
-        sb.append(expr.toString());
+        sb.append(expr.changePath(expr.path.subPath(prefixLength)).toString());
     }
 
     SubstitutionExpression expression() {