Phosphoinositide phosphatase which catalyzes the hydrolysis of phosphatidylinositol 3-phosphate (PtdIns(3)P) and phosphatidylinositol 4-phosphate (PtdIns(4)P) (PubMed:10625610, PubMed:11792713). Has low activity towards phosphatidylinositol-3,5-bisphosphate (PtdIns(3,5)P2) (PubMed:10625610). May be involved in the coordination of the activities of the secretory pathway and the actin cytoskeleton (PubMed:11514624). a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-3-phosphate) + H2O = a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol) + phosphate a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol 4-phosphate) + H2O = a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol) + phosphate Component of the SPOTS complex, at least composed of LCB1/2 (LCB1 and/or LCB2), ORM1/2 (ORM1 and/or ORM2), SAC1 and TSC3. Present with 48000 molecules/cell in log phase SD medium. It is uncertain whether Met-1 or Met-59 is the initiator.