Assuming it's GNU make, it's just an extension of the (oddly named) @:H variable. Which is not a default variable (and is not a variable that can be set using normal assignment syntax) and would be a strange choice for a variable name, since it is very close to actual decomposition variables.
Most likely, this refers to BSD make where :H is a variable modifier, which (excerpt from the man page )
: N
Replaces every word in a variable with everything except the last component.
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