Three ways to hold a pen (4)
I believe the answer is:
swan
'pen' is the definition.
(pen is a female swan)
'three ways to hold a' is the wordplay.
'three ways' becomes 'swn' (compass directions).
'to hold' is an insertion indicator.
'swn' going around 'a' is 'SWAN'.
(Other definitions for swan that I've seen before include "... Australian river" , "Royal bird" , "Kind of song, in the end" , "Large, long-necked bird" , "Sweet name 8 [OF SHAKESPEARE]" .)