Exerts both phospholipase and triglyceride lipase activities (PubMed: 12032167, PubMed: 10318835, PubMed: 10192396). More active as a phospholipase than a triglyceride lipase (PubMed: 12032167). Hydrolyzes triglycerides, both with short-chain fatty acyl groups (tributyrin) and long-chain fatty acyl groups (triolein) with similar levels of activity toward both types of substrates (PubMed: 12032167). Hydrolyzes high density lipoproteins (HDL) more efficiently than other lipoproteins (PubMed: 12032167, PubMed: 10192396).