The Followed by Me or My Teams list shows all stories and other items which you have chosen to follow personally or is follow by your team (no matter if you or your team member decided to follow it). Read more about following items.
The list is sorted to show the most recently edited first. The list shows the primary details of the stories etc. and also if there are any comments which have not been read by the users required to read them (not just unread by you). Read more about mentioning users in comments.