Enables inositol-polyphosphate 5-phosphatase activity; phosphatidylinositol-3,4,5-trisphosphate 3-phosphatase activity; and phosphatidylinositol-4,5-bisphosphate phosphatase activity. Involved in negative regulation of phosphatidylinositol 3-kinase signaling and negative regulation of translation. Located in cytoplasm; plasma membrane; and ruffle. Biomarker of obesity. Human ortholog(s) of this gene implicated in Joubert syndrome and Joubert syndrome 1. Orthologous to human INPP5E (inositol polyphosphate-5-phosphatase E). [provided by Alliance of Genome Resources, Apr 2022]