Exerts both phospholipase and triglyceride lipase activities. More active as a phospholipase than a triglyceride lipase . 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 . Hydrolyzes high density lipoproteins (HDL) more efficiently than other lipoproteins