If I am a team lead, and I lead 4 people in my team, do I say I am a "team lead of 4 people or 5?". You see, I am a team member too, and I have a specific role in addition to leading the team - so technically, the team has 5 people.
It's an entirely different story with a manager: as a manager, you manage subordinates who report to you. So you'd say: "4 people report to me" or "I manage 4 people".
So which one is more accurate?