Holding outdoor activity around lake (8)
I believe the answer is:
clamping
'holding' is the definition.
'outdoor activity around lake' is the wordplay.
'outdoor activity' becomes 'camping'.
'around' is an insertion indicator.
'lake' becomes 'l'.
'camping' placed around 'l' is 'CLAMPING'.
I've seen this clue in The Telegraph.
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