Phosphoinositide phosphatase which catalyzes the hydrolysis of phosphatidylinositol 4-phosphate (PtdIns(4)P) (PubMed:24209621, PubMed:27044890, PubMed:29461204, PubMed:30659099). Can also catalyze the hydrolysis of phosphatidylinositol 3-phosphate (PtdIns(3)P) and has low activity towards phosphatidylinositol-3,5-bisphosphate (PtdIns(3,5)P2) (By similarity). Shows a very robust PtdIns(4)P phosphatase activity when it binds PtdIns(4)P in a ‘cis’ configuration in the cellular environment, with much less activity seen when it binds PtdIns(4)P in ‘trans’ configuration (PubMed:24209621, PubMed:29461204, PubMed:30659099). PtdIns(4)P phosphatase activity (when it binds PtdIns(4)P in ‘trans’ configuration) is enhanced in the presence of PLEKHA3 (PubMed:30659099).