Inositol 4-phosphatase which mainly acts on phosphatidylinositol 4-phosphate. May be functionally linked to OCRL, which converts phosphatidylinositol 4,5-bisphosphate to phosphatidylinositol, for a sequential dephosphorylation of phosphatidylinositol 4,5-bisphosphate at the 5 and 4 position of inositol, thus playing an important role in the endocytic recycling. a myo-inositol phosphate + H2O = myo-inositol + phosphate Also found on macropinosomes. INPP5F has been initially described as an inositol polyphosphate 5-phosphatase.