Enables inositol monophosphate 4-phosphatase activity and phosphatidylinositol phosphate 4-phosphatase activity. Involved in several processes, including negative regulation of axon regeneration; phosphatidylinositol dephosphorylation; and positive regulation of receptor recycling. Acts upstream of or within cardiac muscle hypertrophy in response to stress; phosphatidylinositol catabolic process; and phosphatidylinositol-mediated signaling. Located in several cellular components, including cytoplasmic vesicle; dendrite; and neuronal cell body. Is expressed in several structures, including brain; genitourinary system; heart; retina; and spleen. Orthologous to human INPP5F (inositol polyphosphate-5-phosphatase F). [provided by Alliance of Genome Resources, Apr 2022]