Is an ortholog of human MTMR2 (myotubularin related protein 2). Exhibits phosphatidylinositol-3,5-bisphosphate 3-phosphatase activity\; phosphatidylinositol-3-phosphatase activity\; and phosphatidylinositol-4,5-bisphosphate binding activity. Is involved in negative regulation of engulfment of apoptotic cell and phospholipid dephosphorylation. Localizes to the apical cortex\; cytosol\; and plasma membrane. Is expressed in several tissues, including the alimentary system\; the coelomocyte\; the hypodermis\; the nervous system\; and the reproductive system. Is used to study centronuclear myopathy. Human ortholog(s) of this gene are implicated in Charcot-Marie-Tooth disease type 4B1 and centronuclear myopathy.