Will all four be carrying current? Do not forget that the neutral is considered a current carrying conductor, but a safety ground is not. How much current on the circuit?
If all 4 are current carrying conductors, then the size of the conduit needs to be overrated and/or the current in the circuit will have to be significantly limited. If all four are intended as current carrying conductors, then it will need to be derated by 80%. Since normal derating of the conductors maximum current is 80% with only 3 current carrying conductors, the actual current allowed will be around 65% of the maximum for AWG #1 if all 4 are carrying current.
Just considering the size of conduit required for 4 AWG #1 wires is not necessarily enough. The installation location, ambient temperature, current on the circuit, insulation of the wire all play a factor into figuring the proper installation parameters.
Even though I have all the information required to figure out what is to local code, I typically have a licensed electrician double check everything for safety.